BEIJING--(BUSINESS WIRE)--BabelFinance, formerly BabelBank, one of the world’s largest commercial crypto finance institutions, today announced a record high number of crypto-backed loans amid its rebrand, issuing $18 million to new customers in just one day. Since its opening in July 2018, BabelFinance has issued $110 million in loans and now carries a loan balance of $88 million outstanding. The company plans to continue its global expansion, and it hopes to dominate the market as the most trusted and reliable crypto-finance institution.
BabelFinance offers financial services for crypto investors, crypto miners and crypto institutions. It provides loans in stablecoins, collateralized by deposits of Bitcoin (soon to include Ethereum, Litecoin, BCH and other PoW coins, plus XRP or Stellar). Customers can also transfer their crypto assets to BabelFinance and generate interest through pledge loans.
To date, BabelFinance has rapidly scaled with the help of a strong network of mining, custody and lending partners including: F2Pool, Poolin, Cobo, Onchain, Genesis Capital, Altonomy and OSL. And the company plans to add many more partners in the coming months.
Chinese speculators are mostly responsible for the breakneck acceleration of BabelFinance.
“Over the past few months, we’ve seen a dramatic increase in speculative borrowing from consumers and institutions,” said Flex Yang, BabelFinance Founder and CEO. “It is clear that in China and elsewhere globally, anticipation is building for higher crypto prices.”
To that end, BabelFinance is rolling out upgraded services to accommodate crypto holders and institutional partners. Now, BabelFinance will offer “holders,” crypto-backed loans, hedging to...