Crypto lending platform Babel Finance reaches counterparty debt agreement

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Babel Finance stated that it has “eased the company’s short-term liquidity pressure” by striking loan repayment deals with some of its counterparties.

Hong Kong-based crypto lending firm, Babel Finance, has eased some of its immediate liquidity troubles by reaching debt repayments agreements with some of its counterparties.of redemptions and withdrawals from its products on June 17 after citing “unusual liquidity pressures” in the current bear market. The company stated it was taking swift action to protect clients and communicate with “all related parties.

The company didn’t specify specific details about the debt repayment plans, such as interest rates or maturation date but did note that: ”We have communicated with major counterparties and relevant customers and reached preliminary agreements on the repayment period of some debts, which has eased the company's short-term liquidity pressure.”

The firm also stated that it communicated with certain shareholders and investors about the potential to obtain liquidity support and will “actively fulfill its legal responsibilities to customers and strive to avoid further transmission and diffusion of liquidity risks.” “We thank our customers for their understanding and support during this period and hope to obtain further support from our partners,” the firm stated.

 

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I'd like to know how much usdt they usually earn

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