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 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.”
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.