BabelFinance,
formerly BabelBank, one of the world’s largest commercial crypto finance
institutions, today announced a record high number of crypto-backed
loans amid its rebrand, issuing $18 million to new customers in just one
day. Since its opening in July 2018, BabelFinance has issued $110
million in loans and now carries a loan balance of $88 million
outstanding. The company plans to continue its global expansion, and it
hopes to dominate the market as the most trusted and reliable
crypto-finance institution.
BabelFinance offers financial services for crypto investors, crypto
miners and crypto institutions. It provides loans in stablecoins,
collateralized by deposits of Bitcoin (soon to include Ethereum,
Litecoin, BCH and other PoW coins, plus XRP or Stellar). Customers can
also transfer their crypto assets to BabelFinance and generate interest
through pledge loans.
To date, BabelFinance has rapidly scaled with the help of a strong
network of mining, custody and lending partners including: F2Pool,
Poolin, Cobo, Onchain, Genesis Capital, Altonomy and OSL. And the
company plans to add many more partners in the coming months.
Chinese speculators are mostly responsible for the breakneck
acceleration of BabelFinance.
“Over the past few months, we’ve seen a dramatic increase in speculative
borrowing from consumers and institutions,” said Flex Yang, BabelFinance
Founder and CEO. “It is clear that in China and elsewhere globally,
anticipation is building for higher crypto prices.”
To that end, BabelFinance is rolling out upgraded services to
accommodate crypto holders and institutional partners. Now, BabelFinance
will offer “holders,” crypto-backed loans, hedging tools, interest
earning crypto deposits, recurring investment plans and Babel Triple, a
low-cost, easy-to-use margin trader that grants up to triple leverage.
Institutional partners will have access to large OTC transactions,
crypto inter-bank offerings (repo, swap, lending, margin loans), OTC to
BTC derivatives trading and structured financial products.
Similarly, BabelFinance plans to launch BabelLabs, a branch to support
decentralized finance (DeFi) research and help bridge traditional
finance with blockchain technology and the token/crypto economy.
BabelLabs will help create opensource technology to support a broader
financial network and further to traditional industries and government.
Ultimately, the team hopes to continue its growth and strengthen its
trust and reliability to better serve to the world’s most important
crypto institutions, traditional financial institutions and crypto
market players.
“We see a better crypto finance world,” said Yang. “It is our corporate
responsibility to support innovation with better financial tools and
solutions. Crypto is back on the rise, but it is a different landscape
than previous bull runs. We need to have tools in place to support
mainstream adoption, and institutions need liquid funds to continue the
acceleration of their project development. Our rebrand is more than a
name change; it’s a reflection of our company’s effort to provide more
services, globally to support crypto adoption.”
About BabelFinance:
BabelFinance is a technology company specializing in the management of
blockchain assets, deposits, loans, transactions and related financial
derivatives. BabelFinance is based in Asia and operates globally. The
founding team comes from the world’s top financial institutions and
Internet companies. The investors of BabelFinance include ZhenFund,
Lightspeed China Partners, NEO Global Capital and other top funds in
technology, media, telecommunications and blockchain sectors.
For more information, visit https://www.babel.finance
and follow us on Twitter
and Telegram.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190612005242/en/