Babel Finance hits a $2bn valuation with $80mn funding
Unfazed by the crypto winter, crypto firm Babel raises $80 million to hit a valuation of $2 billion
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Babel Finance, a crypto firm providing a wide range of financial products for institutions, reached unicorn status after raising $80 million in a Series B funding round. The crypto financial services firm now has a valuation of $2 billion.
Crypto markets are currently in a severe bear phase. Despite that, a number of crypto firms are bagging multi-million dollar deals. Babel Finance is another addition to the list. It is a Hong Kong-based Bitcoin startup offering lending and borrowing services and other financial services products to big investors and institutions.
The Series B funding round was led by Dragonfly Capital, Circle Ventures and BAI Capital. The funding round also included new names like 10T Holdings and Jeneration Capital, and other investors from the Asia-Pacific region.
10T CEO and managing partner Dan Tapiero said, “Babel Finance has opened up a market with high barriers to entry. [It] has built a laudable reputation as a highly specialised and trusted crypto financial institution."
Babel Finance said that the fresh funding would be utilised to expand operations globally, especially in Latin America, North America, and the United Kingdom. The crypto firm also plans to double its present employee count of 200 people.
