Babel Finance Raises $40M From Zoo Capital, Sequoia Capital, Tiger Global
The investment is the first foray into Asia's crypto finance industry for Zoo, BAI Capital and Tiger Global Management.
May 10, 2021 at 2:10 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/JQ73FNTOKNCMTBP4Q4UKVZXDTA.jpg)
Crypto-lending startup Babel Finance has raised $40 million in a Series A funding round led by Zoo Capital, Sequoia Capital China, Tiger Global Management and other investors.
- The round marks the first steps into Asia’s crypto finance industry for Zoo Capital, BAI Capital and Tiger Global Management, according to an announcement Monday.
- As of February, the China-based startup had lent $2 billion worth of cryptocurrency to more than 500 institutional clients, up from $380 million in March 2020.
- Babel’s derivatives business has a monthly trading volume of $8 billion.
- The investment will be used to acquire relevant licenses in markets worldwide, including North America and Europe, to offer crypto financial products to mainstream investors, the firm said.
- “Babel Finance aims to become a global powerhouse at scale and bandwidth in the industry matching our counterpart DCG in the U.S.,” Babel Finance co-Founder Del Wang said.
- Digital Currency Group (DCG) is the parent company of CoinDesk.
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