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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.
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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French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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