cryptoknowmics.com
Crypto lending firm Babel Finance has raised $80 million in a Series B funding round, raising the company’s valuation to $2 billion.
Babel Raises $80M in Series B Funding
According to a press release from today, Babel Finance has raised $80 million in a Series B round, which has increased the company’s worth to $2 billion. Leading venture capital firms including Circle Ventures, 10T Holdings, Jenerations Capital, BAI Capital, Bertelsmann, and Dragonfly Capital led the fundraising. Last year, it secured $40 million from Tiger Global Management, Sequoia Capital China, Zoo Capital, and other big institutional investors. Bal Finance’s CEO, Del Wang, said that the funding round supports the long-term path for crypto and that it has the potential to replace gold and its position in the present financial system.
Babel Finance Pauses Withdrawals
Earlier last week, Babel Finance became the latest crypto lending platform to suspend redemptions and withdrawals. The firm stated it was “facing unusual liquidity pressures” amid a border crash in cryptocurrency prices, citing a lack of available assets readily on-hand as the basis of its decision to prevent customers from moving money out of their accounts. It follows a similar move by crypto lending platform Celsius, which also announced last week that it would prevent customers from withdrawing or transferring their funds.