Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Babel Finance raises $40 million as interest grows in Asian crypto

05/10/2021 | 11:03am EDT

SHANGHAI (Reuters) - Hong Kong-based crypto lender and asset manager Babel Finance said on Monday it has secured funding from investors including Zoo Capital, Sequoia Capital China and Dragonfly Capital.

The $40 million fundraising, which also includes BAI Capital and Tiger Global Management, shows growing investor interest in Asia's cryptocurrency players, Babel Finance said.

Babel CEO Flex Yang told Reuters that the round of strategic Series A fundraising, while not adding much to free cash flow, marked an alliance with traditional finance players.

It also marks debuts in Asia's crypto finance industry for U.S. investment firm Tiger Global Management, European investor BAI Capital and Zoo Capital, the venture arm of China-focused private equity firm Boyu Capital.

Bitcoin mania has spread to Asia, and last month the asset management unit of Huobi Technology Holdings Ltd launched four crypto-related funds for institutional investors.

Bowen Wang, head of crypto at Zoo Capital, said in a statement it invested in Babel Finance to help build a gateway for the traditional market to access cryptocurrencies.

Yang, who is from China, said Babel will apply for business licenses in America, Europe and Asia, with a goal of meeting growing demand for crypto investment from mainstream investors.

Compared with the United States, Asia's crypto sector faces a less friendly regulatory environment, Yang added.

Although regulators in China have banned crypto exchanges as well as initial coin offerings (ICOs), Yang said he was encouraged by deputy central bank governor Li Bo saying last month they were studying crypto as an investment tool.

"Regulatory uncertainty has been a source of risk for us. If the government moves toward more clarity, it's a good thing for us," Yang said.

(Reporting by Samuel Shen and Andrew Galbraith; Editing by Alexander Smith)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BITCOIN - EURO -2.50% 32758.13 Real-time Quote.42.33%
BITCOIN - UNITED STATES DOLLAR -2.59% 38920.12 Real-time Quote.38.28%
Latest news "Economy & Forex"
09:41aExxon tops estimates with biggest quarterly profit in a year
RE
09:41aExxon tops estimates with biggest quarterly profit in a year
RE
09:40aBULLARD : Fed should taper this fall, go "fairly rapidly" to end early 2022
RE
09:39aOlympics-IOC chief Bach admires courageous Biles
RE
09:36aTSX opens lower as commodity-linked stocks weigh
RE
09:34aOPEC July oil output hits 15-month high as demand recovers, survey shows
RE
09:34aCanadian economy likely grew 0.7% in June as COVID-19 measures were lifted
RE
09:33aWall Street falls as Amazon earnings disappoint
RE
09:29aFrance's BNP bolsters profit as state softens pandemic blow
RE
09:26aU.S. equity funds see big inflows on earnings optimism - Lipper
RE
Latest news "Economy & Forex"