One of the largest crypto lenders in Asia, Babel Finance, has agreed to pay off part of its debts

One of the largest crypto lenders in Asia, Babel Finance, has agreed to pay off part of its debts

One of the largest crypto lenders in Asia, Babel Finance, has agreed to pay off part of its debts

Crypto financial service provider Babel Finance has reached “preliminary agreements” with major counterparties “on the maturity of some debts” . This is reported by The Block.

According to company representatives, they urgently assessed the liquidity of their business operations. 

«Preliminary agreements on the repayment period of certain debts with major counterparties and clients have eased short-term pressure on liquidity», Babel Finance noted.

The team also denied reports of insolvency allegedly received by the partners of the cryptolender. 

However, the improvement in the situation does not mean the resumption of the withdrawal of funds. The company will continue to communicate with shareholders and potential investors to support liquidity.

Founded in 2018 in Hong Kong, Babel Finance is one of the largest cryptocurrency lenders and asset managers in the Asian region.

In May 2022 Vendor closed $80 million Series B funding at a $2 billion valuation. Lead investors were Jeneration Capital and 10T Holdings, with participation from Circle Ventures, a number of Southeast Asian family offices, and current shareholders Dragonfly Capital and BAI Capital.

Recall that last week Babel Finance announced the suspension of payments and withdrawals from its own products due to lack of liquidity.

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