Crypto Lender Sees High Demand for Stablecoin Loans in Chinese Market

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.

“Crypto lending…

What do you think?

0 points
Upvote Downvote

Jack Dorsey Believes the Internet Will Soon Have One Currency, But Will It Be Bitcoin?

Iceland’s Financial Regulator Authorises Its First Blockchain-Powered E-Money Firm