Babel Finance, a provider of crypto-asset services, announced this Monday that it is partnering with Onchain Custodian (ONC) to improve its asset management services tailored towards institutional clients.
Headquartered in Hong Kong, Babel Finance offers its services to institutional clients and high-net-worth individuals. Its services span across asset management, cryptocurrency lending and borrowing, prime services, private bank and mining services.
Under the agreement, Babel has become the latest company to join Onchain Custodian’s custody platform, in which the former provides its asset management products to clients via the latter’s platform.
Via its platform, Onchain Custodian offers ancillary services such as crypto borrowing and lending as well as an on and off-ramp between crypto and fiat, OTC and escrow. Via its platform, users are able to subscribe to asset management products, such as the ones Babel will provide under the partnership.
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Partnership to allow Babel Finance to meet ASEAN demand
Commenting on the partnership, Yulong Liu, head of global partnerships at Babel Finance said in the statement today: “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.
“Babel Finance would continue to devote resources to bring in financial innovation that was widely adopted by Wall Street with the strong support to ensure safety from top-notch infrastructure provider like Onchain Custodian.”
As Finance Magnates reported, in the first quarter of this year, Babel Finance’s outstanding loan reached $380 million. The crypto asset company’s outstanding loans jumped from $52 million worth of USDT as of Q1 2019 to $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, COO of Onchain Custodian in the statement.