Babel Finance plans to use the funding to meet the growing demand for crypto assets. Here are the top-line bullets you need to know.
Babel Finance, a cryptocurrency asset management firm, has raised $40M in a Series A with participation from Tiger Global Management, Zoo Capital, Bertelsmann Asia Investments, Dragonfly Capital Partners, and Sequoia Capital China, among others.
How’s the company performing?
- Hong Kong-based Babel Finance offers asset management services, cryptocurrency lending, and prime financing to investors and institutions worldwide.
- The company reports a monthly trading volume of $8B and has lent more than $2B to institutional clients, up from $380M in March 2020.
- Babel Finance caters to over 500 institutional clients, where it derives 80% of its revenue.
- The company plans on providing investment services and has applied for an asset management license in Hong Kong.
Source: Babel Finance
Why does the market matter?
- The cryptocurrency market is projected to grow to $10T by 2033, according to CB Insights’ Industry Analyst Consensus.
- Major companies like JPMorgan Chase, Visa, PayPal, and Tesla are adopting crypto as a payment method. This, alongside the significant rise in investment in the industry, are fueling the market’s growth.
- The NFT boom has also contributed to the growing market.
