Babel Finance bags $80m Series B at $2bn valuation
Hong Kong-based Babel Finance, a wholesale crypto financial services provider, has completed an $80 million Series B round at a valuation of $2 billion.
Investors in this round were Jeneration Capital and 10T Holdings, as well as existing shareholders Dragonfly Capital and BAI Capital. Other investors include Circle Ventures and family offices across the Asia-Pacific region.
Established in 2018, Babel Finance provides institutional investors and ultra-high-net-worth accredited investors services and solutions in crypto asset lending and trading.
The firm says it limits its business to Bitcoin, Ethereum and stablecoins, and serves a “select clientele” of around 500 customers.
Del Wang, CEO and co-founder of Babel Finance, says they pay more attention to the long-term development of the industry, as opposed to focusing on short-term profits.
“This not only helps to overcome the many uncertainties in the early stages of the industry, including regulatory and market uncertainties, it also protects our customers to the greatest extent,” he adds.
Babel Finance last raised $40 million in Series A funding in May 2021, and has since grown from a team of 50 to more than 170 employees at present.