Babel Finance, a cryptocurrency financial services company, has today summarized positive growth after a strategic investment by NGC Ventures, a leading blockchain investment firm, in October 2018.
Following NGC’s investment just 12 months prior, Babel Finance has since recorded growth in loan volume from USD 5 million to USD 380 million, grown its staff size from 15 to 50 employees, and has expanded its footprint by establishing offices in Beijing, Seoul, and Singapore.
“It is our uniform aim to identify and prioritize forward-looking projects that can demonstrate sustainable growth. With a keen view on the developing crypto-finance ecosystem, Babel Finance astutely captures the issue of financial access and mobility, empowering citizens of the next digital economy. While we’re proud to have supported Babel Finance throughout the beginning stages of their growth, we are truly excited for what the future holds as the project continues to underwrite an evolving financial ecosystem.”
– Roger Lim, Founding Partner of NGC Ventures
A full-service provider of crypto assets, Babel Finance’s range of financial products encompass crypto-backed loans, crypto staking, BTC derivatives trading, OTC transactions, inter-institution swaps, and offerings, as well as various investment plans. Babel Triple, a premium leverage offering that automates the buy-sell process for assets on the exchange in real-time, was launched in June 2019. Babel Finance is in the process of launching TripleQ, an upgraded version of Triple.
“Since the establishment of our strategic investment partnership with NGC Ventures, Babel Finance has rapidly scaled in terms of both operations and product offering, allowing us to engage and meet the enveloping needs of a fast-growing crypto landscape. Residing at the heart of the next financial revolution, Babel Finance has achieved over $300 million outstanding loans since September 2018, registering a 200% monthly growth rate. An encouraging culmination of our efforts to be recognized as a trusted financial institution, the progress also ultimately underscores our ambitions to lay down the financial infrastructure for a new world.”
– Flex Yang, CEO of Babel Finance
Babel Finance established Babel Labs in June 2019, a financial laboratory dedicated to the research and exploration of blockchain technologies across the financial sector. The laboratory also aims to support and create open-source technology as a bridge between traditional and decentralized finance. In July 2019, Babel Finance has expanded its business to Korea market by launching Bilibit, a South-Korean Joint Venture, to tap into the dynamic local cryptocurrency lending market. Babel Finance also oversaw the launch of the Financial Innovation Business unit in August 2019 in order to provide a wider range of innovative crypto-finance services and products to the market.