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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.