Babel Finance, a crypto-asset service provider, announced Monday that it has an ongoing collaboration with the Onchain Custodian (ONC) platform to enhance its tailored wealth management services for institutional clients.
Babel is the latest company to join the Onchain Custodian custody platform.
Based in Hong Kong, Babel Finance offers its services to institutional clients and high net worth individuals. Its services include asset management, cryptocurrency lending and lending, major financial services, private bank features, and mining services such as Bitcoin Pro. Under the agreement, Babel became the latest company to join the Onchain Custodian custody platform, so it will now be able to deliver its wealth management products to clients via the aforementioned platform.
Onchain Custodian offers ancillary services such as cryptocurrency lending and lending, as well as a cryptocurrency to fiat exchange function, OTC and the ability to set up escrow. Through its platform, users can subscribe to asset management products, such as those Babel will provide as part of the partnership.
The partnership to allow Babel Finance to meet ASEAN demand
Commenting on the partnership, Yulong Liu, Head of Global Partnerships at Babel Finance, said that “Babel Finance is excited about this partnership with Onchain Custodian.
We believe this joint initiative will help us address the growing demand for cryptocurrency allocation in the Association of South-East Asian Nations (ASEAN) region and provide a full suite of solutions for both existing and potential investors. " ASEAN is a political, economic and cultural organization of nations located in Southeast Asia.
The organization regularly involves other countries in the Asia Pacific region and beyond. Liu also added that "Babel Finance will continue to devote resources to augment financial innovation that has been widely adopted by Wall Street with strong support to ensure security from a top-notch infrastructure provider like Onchain Custodian."
As reported by recent data, in the first quarter of this year, Babel Finance's outstanding loan reached $ 380 million. Notably, the cryptocurrency company's outstanding loans went from USDT $ 52 million in the first quarter of 2019 to $ 289 million at the end of last year.
“The collaboration with Babel Finance will guarantee our institutional clients and investors access to the financial instruments of 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, COO of Onchain Custodian in the statement.
