Headquartered in Hong Kong, Babel Finance, the crypto-asset services provider, has recently announced its partnership with Onchain Custodian (ONC) with a vision to improvise its asset management services tailored toward institutional clients.
Babel Finance provides its services to institutional clients and high-net-worth individuals. It offers services such as asset management, cryptocurrency lending, and borrowing, prime services, private bank, and mining services.
According to the agreement, Babel is amongst the most recent companies that have joined Onchain Custodian’s custody platform. Babel is more about providing its asset management services to clients by using the custody platform.
On the other hand, the Onchain Custodian platform offers ancillary services, such as crypto lending and borrowing as well as an on and off-ramp between crypto and fiat, escrow, and OTC. Through this platform, users are able to subscribe to asset management products, such as the ones Babel will provide under the partnership.
Babel Finance geared to meet ASEAN demand
“Babel Finance is excited for this partnership with Onchain Custodian. We believe this joint initiative will help us target the burgeoning demand for crypto allocation across the ASEAN region and provide a comprehensive suite of solutions for both existing and potential crypto investors,” commented Yulong Liu, Head of Global Partnerships at Babel Finance. “Babel Finance would continue to devote resources to bring in financial innovation that was widely adopted by Wall Street with strong support to ensure safety from top-notch infrastructure providers like Onchain Custodian.”
According to the Finance Magnates report, during the first quarter of 2020, Babel Finance’s outstanding loan reached USD 380 million. At the same time, the crypto asset company’s outstanding loans moved from USD 52 million in Q1 2019 to USD 289 million as of the end of last year.
“The collaboration with Babel Finance will grant our institutional clients and investors access to financial instruments in the token economy. This partnership is part of a strategic move to build an ecosystem of partners working with Onchain Custodian for the benefit of our customers,” added El Lee, Chief Operating Officer of Onchain Custodian, in the statement.