Crypto market: Crypto platform Babel Finance is now also stopping payouts

Crypto market: Crypto platform Babel Finance is now also stopping payouts

cryptocurrencies

Babel Finance is one of the largest crypto service providers for institutions.

(Photo: dpa)

Hong Kong After the crypto lending platform Celsius Network, the competitor Babel Finance has now also stopped the possibility of withdrawals. In a message to customers, reference was made to “unusual liquidity pressure” in the course of the recent price slide on the market.

The crypto market has seen “major swings” with some institutions in the industry facing “risk events” with impact, the Asia-based lender and asset manager said in a statement on its website. A Babel spokesman told Bloomberg the team is facing “some pressure” and is working to manage the situation.

As recently as May, Babel was valued at $2 billion (€1.9 billion) in a financing round with investors including Generation Capital and 10T Holdings. Babel’s website lists Sequoia Capital and Tiger Global as current investors.

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