Crypto financial services provider Babel Finance has reached “preliminary agreements” with major counterparties “on terms of certain debts”. Reported by The Block.

According to company representatives, they urgently evaluated the liquidity of their business operations.

Babel Finance, “Pre-term agreements for certain debts with key counterparties and customers eased short-term liquidity pressures.” Said.

The team also dismissed reports of alleged bankruptcy received by partners of the crypto lender.

However, the improvement of the situation does not mean the resumption of the withdrawal of funds. The company will continue to engage with shareholders and potential investors to support liquidity.

Founded in Hong Kong in 2018, Babel Finance is one of the largest cryptocurrency lenders and asset managers in the Asian region.

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 last week Babel Finance announced that it was suspending payments and withdrawals from its own products due to lack of liquidity.

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