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Babel Finance Reaches Debt Agreement With Counterparties After Withdrawal Freeze
The company will continue to communicate with shareholders as it looks to obtain liquidity support.
Updated May 11, 2023, 6:49 p.m. Published Jun 20, 2022, 1:02 p.m.
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Hong Kong-based crypto lender Babel Finance has reached preliminary agreements with counterparties on the repayment of some debts that led to the platform halting large withdrawals last week, according to an official update Monday morning on the company's website.
- On Friday, Babel imposed a $1,500 per month withdrawal limit, citing "unusual liquidity pressures." Now, following an "emergency assessment" of operations, the company said short-term liquidity pressures have "eased."
- "We have actively communicated with shareholders and potential investors, and will continue to communicate and obtain liquidity support," the statement continued.
- At the end of 2021, Babel Finance had an outstanding loan balance of over $3 billion, up from $2 billion the previous February.
- The company just last month raised $80 million in a Series B last month at a valuation of $2 billion.
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- 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.
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JPMorgan Launches Tokenized Money Market Fund on Ethereum as Wall Street Moves Onchain
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- JPMorgan Chase is launching its first tokenized money-market fund on Ethereum dubbed My OnChain Net Yield Fund (MONY), with an initial $100 million investment.
- The fund is part of a growing trend of blockchain-based financial products, with major firms like BlackRock and Franklin Templeton also entering the space.
- MONY allows investors to redeem shares using cash or USDC and aims to offer similar benefits to traditional money-market funds with added blockchain advantages.
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