Asia-based crypto lender BabelBank has announced a record-high number of crypto-collateralized loans issued amid new rebranding efforts. The crypto firm will now be called BabelFinance, a name change which, the company says, signifies its efforts to offer broader services for crypto users, especially in the Chinese market.
In a statement, the crypto lender claims to have issued over $100 million in loans since it launched in July 2018. Furthermore, it says that it has issued $18 million to new customers within a 24-hour period. BabelFinance carries an outstanding loan balance of just $88 million.
“Compared to one of our counterparts, Genesis Capital, our accumulated loan balance is actually small,” Flex Yang, BabelFinance’s CEO, told Bitcoin Magazine.