Share this article
Crypto Lender Babel Finance Lands Unicorn Status With $80M Series B
The funding round sets the firm's valuation to $2 billion.
Updated May 11, 2023, 6:48 p.m. Published May 25, 2022, 12:00 p.m.
Babel Finance reached unicorn status after raising $80 million in a funding round that valued the crypto financial services provider at $2 billion.
- The leading investors were China-focused venture capital fund Jeneration Capital, U.S. crypto investment firm 10T Holdings, and existing shareholders Dragonfly Capital and BAI Capital, according to a press release shared with CoinDesk. Circle Ventures and other family offices based in Asia-Pacific also participated in the Series B round, the press release said. A unicorn is a startup with a valuation of over $1 billion.
- The firm provides financial services for bitcoin , ether and stablecoins, to a "select clientele of about 500 customers," according to the press release.
- At the end of 2021, Babel Finance had an outstanding loan balance of over $3 billion, up from $2 billion the previous February. It averaged $800 million in monthly derivatives trading volume and had structured and traded over $20 billion in options products.
- Babel will use the funds to fuel its global expansion and continue compliance efforts, Del Wang, co-founder and CEO of the firm, told CoinDesk in an email.
- “Babel Finance has opened up a market with high barriers to entry," said 10T CEO and Managing Partner Dan Tapiero. "[It] has built a laudable reputation as a highly specialized and trusted crypto financial institution."
- Asked about how the market downturn affects their operations, Wang said that the fundraising demonstrates investor confidence in the firm. Since institutional investors are mostly long-term investors, "a bear market may present opportunities for them."
- The firm started in 2018 as a lender to crypto miners in China. It has since pivoted toward institutional investors in Singapore and Hong Kong.
Read more: Babel Finance Sets Up Shop in Singapore
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Michael Saylor's Strategy Hangs on to Spot in Nasdaq 100 Index
The annual Nasdaq 100 rebalance saw six companies dropped and three new additions, with changes taking effect on December 22, but bitcoin treasury company Strategy hung onto its spot.
What to know:
- Strategy (MSTR) will remain in the Nasdaq 100 index despite a major reshuffle, which saw several household names dropped.
- The firm's business model, which involves stockpiling bitcoin, has drawn criticism from analysts and index providers, with MSCI considering excluding crypto treasury companies from its benchmarks.
- The Nasdaq 100 rebalance saw six companies dropped and three new additions, with changes taking effect on December 22, but Strategy's bitcoin-heavy strategy secured its spot.
Top Stories
