Hong Kong Based Babel Finance Raises US$40 million as Asian Crypto Market Grows

Babel Finance, a Hong Kong-based cryptocurrency lender and asset manager, has secured US$40 million in funding on Monday from investors which include Sequoia Capital China, Zoo Capital, Dragonfly Capital, and Tiger Global Management.

The US$40 million fundraisings exhibit the gaining popularity and trust of a number of large-capital investors and venture capitalists in cryptocurrency investments.

The fundraising also marks the entry of US investment firm Tiger Global Management, European investor BAI Capital and China’s Zoo Capital into the Asian crypto finance industry.

Bowen Wang, head of Zoo Capital from China, said in a statement that it invested in Babel Finance “to help build a gateway for the traditional market to access cryptocurrencies.”

China has previously banned crypto exchanges as well as initial coin offerings (ICOs). But Wang was encouraged by the central bank’s consideration of studying crypto-currencies as an investment tool.

The Singapore-based blockchain investment fund, NGC Ventures, had previously invested in Babel Finance earlier as well.

Babel Finance plans to focus its funds on compliance investment which involves applying for relevant licenses in Asia, Europe, and North America.

Babel Finance’s crypto-lending services currently have a US$2 billion outstanding loan balance and an US$8 billion monthly crypto-derivative trading volume.

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