Crypto Firm Babel Hits $2 Billion Valuation in Funding Round

Cryptocurrency lender and asset manager Babel Finance reached a $2 billion valuation in a funding round announced shortly after the implosion of the TerraUSD algorithmic stablecoin shook markets.

Investors including Jeneration Capital and 10T Holdings, as well as existing shareholders Dragonfly Capital and BAI Capital, took part in the $80 million financing, Hong Kong-based Babel said in a statement Wednesday. The company’s valuation is up fivefold from its last funding round a year ago.

Babel, which focuses on institutional clients and deals only in Bitcoin, Ether and stablecoins, pulled in money at a choppy time for crypto. A ...