BabelFinance, a bank offering service to crypto-investors, crypto-miners and institutions related to crypto, is in the news after it announced that it had issued crypto-backed loans worth $110 million, out of which $88 million were outstanding loans.

The bank provides loans via stablecoins collateralized by deposits of Bitcoin. However, the bank plans to include Ethereum, Litecoin, BCH, and a few others as well soon.

According to Flex Yang, Founder and CEO of BabelFinance,

“Over the past few months, we’ve seen a dramatic increase in speculative borrowing from consumers and institutions. It is clear that in China and elsewhere globally, anticipation is building for higher crypto prices.”

The bank is looking forward to continue offering crypto-backed loans, as well as new interest earning crypto-deposits. BabelFinance is further launching BabelLabs, a new venture that will look at supporting decentralized finance research and work as a platform between traditional finance and blockchain technology.

Yang added,

“We see a better crypto finance world. It is our corporate responsibility to support innovation with better financial tools and solutions. Crypto is back on the rise, but it is a different landscape than previous bull runs. We need to have tools in place to support mainstream adoption, and institutions need liquid funds to continue the acceleration of their project development. Our re-brand is more than a name change; it’s a reflection of our company’s effort to provide more services, globally to support crypto adoption.”

Yang also claimed that the bank hopes to issue $1 billion in crypto-backed loans by the end of the next crypto bull run.

BabelFinance is not the only bank that has a huge sum of outstanding crypto-backed loans. Bixin Capital and FBG Capital are one of the few banks that also offer crypto-backed loans. The two have outstanding loans worth $10 million and $15 million, respectively.

The post BabelFinance predicts $1 billion in crypto-backed loans by the end of the next bull run appeared first on AMBCrypto.

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