According to Babel Finance, the crypto market is full of opportunities and hidden risks. But he is optimistic towards crypto.
Babel Finance reportedly secured $80 million in a Series B funding round. The investment brought the company’s value to $2 billion.
Babel Focuses on the Long Run
The fundraiser was led by firms including Circle Ventures, 10T Holdings, Generations Capital, BAI Capital and Dragonfly Capital.
The $80 million isn’t Babel Finance’s first closed funding round. Last year, Tiger Global Management raised $40 million from major institutional investors such as Sequoia Capital China, Zoo Capital, and others.
Chief Executive Officer Del Wang stated that the crypto market is full of opportunities and hidden risks.
In terms of short-term profits, the retail market and altcoins may have higher profit margins, but we place more emphasis on the long-term development of the industry and aim to lead in corporate financial services and innovation.
Babel Finance has applied for business licenses in other countries such as Luxembourg and the United Kingdom. The organization has approximately 500 customers and completed 2021 with a loan balance of over $3 billion and an average monthly transaction volume of $800 million.
What’s new With Crypto in Hong Kong?
China’s special administrative region officials submitted their regulatory plans for cryptocurrencies by July this year. The goal is to set up Hong Kong as a digital asset hub for the East Asian region.
The Hong Kong Monetary Authority has a different vision for stablecoins and thinks they could harm financial stability.
In March, blockchain platform Huobi Technology showed ETFs tracking cryptocurrencies for retail investors in Hong Kong. Financial product assets will be eligible for less than $1 million.
Samsung Asset Management said they want to list a blockchain-focused ETF in Hong Kong before July. It will be the first of its kind to include real cryptocurrency exposure in Asia.