BabelFinance, a bank offering service to crypto-investors, crypto-miners and institutions related to crypto, is in the news after it announced that it had issued crypto-backed loans worth $110 million, out of which $88 million were outstanding loans. According to Flex Yang, Founder and CEO of BabelFinance,
The bank is looking forward to continue offering crypto-backed loans, as well as new interest earning crypto-deposits.
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Yang also claimed that the bank hopes to issue $1 billion in crypto-backed loans by the end of the next crypto bull run. BabelFinance is not the only bank that has a huge sum of outstanding crypto-backed loans.