Chinese cryptocurrency financial services firm Babel Finance rides the mainstream wave with US$40 million Series A
- From geek-only to institutional, cryptocurrencies are becoming mainstream
- Babel Finance, a Hong Kong-based crypto financial services firm, has just raised US$40 million from Sequoia Capital China and Tiger Global Management
“Education [of investors on bitcoin] isn’t necessary any more,” said Flex Yang, founder and CEO of the Hong Kong-based cryptocurrency financial services firm, in an interview with the South China Morning Post. “The crypto market has evolved from geek-only to institutional and professional.”
The value of bitcoin, the largest cryptocurrency by volume, has doubled since the start of the year after big Wall Street firms dabbled in the exchange. BlackRock added bitcoin futures as a potential investment for two of its funds, and Goldman Sachs relaunched its cryptocurrency trading desk in the spring, according to CNBC and the Financial Times.
“Our business was small before,” said Babel‘s Yang. ”But over the past three years, especially since late 2020, the crypto market has skyrocketed and received many more institutional investors.”