Cryptofinance services provider Babel Finance has completed a $80 million Series B funding round, raising the company’s valuation to $2 billion.
The funding round has been led by Jeneration Capital and 10T Holdings. The fundraising has also seen the participation of Circle Ventures, a number of Southeast Asian family offices, and current shareholders Dragonfly Capital and BAI Capital.
Babel Finance’s main business lines are crypto lending and trading with a focus on serving institutional investors. The company has around 500 clients from among them.
At the end of last year, the company recorded a balance of over $3 billion in outstanding loans, and average monthly trading volume in crypto-based derivatives was $800 million.
According to the statement, Babel Finance limits operations to Bitcoin, Ethereum and stablecoins.