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Crypto financial services provider Babel Finance has announced that it is suspending payments and withdrawals from its own products due to lack of liquidity. It is stated on
Crypto financial services provider Babel Finance has announced that it is suspending payments and withdrawals from its own products due to lack of liquidity. It is stated on this site.
“There has been serious volatility in the cryptocurrency market lately. […]. “Due to the current situation, Babel Finance is facing an unusual lack of liquidity.”
Babel Finance is one of the largest cryptocurrency lenders and asset managers in the Asian region.
At the end of 2021, the firm recorded a balance of over $3 billion in outstanding loans, with an average monthly trading volume of $800 million in crypto-based derivatives.
In May 2021, the provider raised $40 million in a Series A funding round. Since then, the Babel Finance team has grown from 50 people to over 170.
In September, the company opened its headquarters in Singapore. The division was led by Shanshan Yu, a former Bank of Singapore employee.
In May 2022, the supplier closed an $80 million Series B funding round at a valuation of $2 billion. The principal investors are Generation Capital and 10T Holdings, with participation from Circle Ventures, a number of Southeast Asian family offices, and existing shareholders Dragonfly Capital and Dragonfly Capital. it happened. BAI Capital.
Recall that on June 13, Celsius crypto lending platform suspended withdrawals, swaps and transfers between accounts “due to extreme market conditions”.
On June 15, The Wall Street Journal reported that Celsius had hired attorneys from Akin Gump Strauss Hauer & Feld for a possible financial restructuring.
The journalists emphasized that the initial purpose of the platform is to raise capital from investors. According to The Block, the company turned to financial conglomerate Citigroup to address this issue.
Earlier, the expert described Celsius’ bankruptcy as almost inevitable, and WSJ sources said that investment firm WestCap and pension fund Caisse de dépôt et Placement du Québec will avoid new investments in the crypto lending platform.
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I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
