Crypto financing company BabelFinance on Wednesday announced that it has issued more than $110 million in crypto loans since its opening in July 2018, mostly to Chinese traders.
The company’s business in the Asian markets has been booming amid its rebranding from BabelBank to BabelFinance as it once issued $18 million in crypto loans in just one day. The press release also detailed that it has an outstanding loan balance of $88 million.
Commenting on the massive demand for cryptocurrencies in Asia and globally, Flex Yang, founder and CEO of BabelFinance, said: “Over the past few months, we’ve seen a dramatic increase in speculative borrowing from consumers and institutions. It is clear that in China and elsewhere globally, anticipation is building for higher crypto prices.”
The thriving crypto companies
Based in Hong Kong, BabelFinance offers an array of crypto-related services including management of digital assets, deposits, and loans. Due to the growing demand for its services, it has attracted major investors in the region including ZhenFund, Lightspeed China Partners, NEO Global Capital.
Crypto lending companies are one of the few crypto-related players that thrived even in the year-long bear market. The demand for loans against cryptocurrencies is increasing day-by-day not only in Asia but across the globe.
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In April, Finance Magnates reported that the crypto lending arm of Genesis Global Trading wrote $425 million worth of loans to clients in the first quarter of 2019. In total, the company handed out $1.8 billion in loans, since March 2018.
“We anticipate to loan out more than a $1bn, or even $2bn, by the end of the next bull strike [run]” https://t.co/zN7Kz4sfBV
— BabelFinance (@BabelFinance) May 29, 2019
BabelFinance is also expanding its reach in the crypto industry and is planning to launch a branch to support decentralized finance research to bridge the gap between mainstream finance and crypto economy.
“It is our corporate responsibility to support innovation with better financial tools and solutions,” Yang added. “Crypto is back on the rise, but it is a different landscape than previous bull runs. We need to have tools in place to support mainstream adoption, and institutions need liquid funds to continue the acceleration of their project development. Our rebrand is more than a name change; it’s a reflection of our company’s effort to provide more services, globally to support crypto adoption.”