Babel Finance Raises $80 Million at $2 Billion Valuation

Babel Finance is a global cryptocurrency financial company that provides its professional crypto financial services to institutional clients such as crypto-native institutions and traditional financial institutions and high-net-worth investors. The services provided include three core businesses, they are crypto asset management, crypto prime financing, and crypto lending.

The funding round Series B was co-led by Dragonfly Capital, Circle Ventures, and BAI Capital. Among other participants are 10T Holdings, Jeneration Capital, and several family offices from the Asia-Pacific region. “Babel Finance has opened up a market with high barriers to entry. [It] has built a laudable reputation as a highly specialized and trusted crypto financial institution,” Dan Tapiero, CEO and managing partner of 10T Holdings. This round led Babel Finance to the unicorn status.

Babel Finance, Hong Kong, was founded by Del Wang and Flex Yang in 2018. The company’s business is limited to ETH, BTC, and stable coins, and serves only a selected clientele of approximately 500 customers. Now, the company’s employee team consists of 170 people, within a year this number has grown from 50. Babel Finance also opened new offices in Singapore and planned to expand its operations in North and Latin America, and United Kingdom. “As the crypto-financial industry becomes more institutionalized, our mission at Babel Finance is to explore and participate in the building of the fundamental financial order and rules for the industry,” Del Wang, CEO of Babel Finance.

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