Babel Finance, a cryptocurrency-focused financial services provider, has raised $40 million in a Series A funding round led by Zoo Capital, Sequoia Capital China and Dragonfly Capital. According to an announcement, the company also raised funds from BAI Capital and Bertelsmann, and Tiger Global Management.
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Babel Finance Chief Executive, Flex Yang, says the alliance with new investors from traditional finance is a "critical step" for the company to offer "more innovative products." Babel Finance claims it had served over 500 institutional clients as of February 2021. In addition to that, the company's crypto lending business reached a balance of $2 billion in cryptocurrencies.
With the investment, Babel Finance plans to continue servicing mainstream investors by offering crypto financial products under their respective compliance regimes. The company also wants to spearhead practices that support a "crypto compliant environment."
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