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• Babel attributed the slump to the recent downfall of the volatile currency
Hong Kong-based Babel Finance temporarily suspended the withdrawals and redemption of crypto assets on Friday, according to an announcement on the company's website.
“Recently, the crypto market has seen major fluctuations, and some institutions in the industry have experienced conductive risk events. Due to the current situation, Babel Finance is facing unusual liquidity pressures,” the company said.
Bitcoin has continued to decline as crypto investors engage in a massive sell-off of the volatile asset. The largest currency fell to nearly $20,000. The asset has lost some 66% of its value from lifetime highs of $69,000 in November.
Babel, which has 500 clients and limits itself to bitcoin, ethereum and stablecoins, raised $80 million in a funding round last month, valuing it at $2 billion. It had ended last year with $3 billion of loan balances on its balance sheet.
Earlier this week, Binance temporarily paused bitcoin withdrawals “due to a stuck transaction causing a backlog.”
Source - Babel Finance
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