Babel Finance joins Celsius, Finblox to freeze withdrawals


As the crypto market’s decline continued, many crypto firms have stopped withdrawals or restricted withdrawals to prevent a liquidity crunch. The crypto assets have been extremely volatile in recent weeks. 

Celsius halted withdrawals this week as the market slide continued. Finblox, a staking platform backed by Three Arrows Capital (3AC), restricted the monthly withdrawals to US$1,500. 

3AC found itself in an insolvency trap after investors’ rushed to liquidate their holdings. 

Also Read: Why is WOO Network (WOO) crypto generating interest?

Now, the Hong Kong-based crypto lender, Babel Finance, has announced suspending all withdrawals and redemptions, Coin Desk reported on Friday. Babel was valued at US$2 billion last month after closing its US$80 million Series B funding round on May 25. 

The company faces a liquidity crisis if the market continues to drop. However, Babel has not officially announced a withdrawal suspension. 

Also Read: Bitcoin falls to fresh 18-month low as crypto meltdown deepens

 Data Source: coinmarketcap.com

Also Read: Why metaverse crypto Genesis Worlds (GENESIS) surged 39% today?

Babel was created in 2018 to provide an open financial infrastructure for cryptocurrency services. It offers institutional investors crypto lending, asset management, and financial services. 

Bottom line:

The crypto market was down 2.03% to US$891.47 billion at around 9:30 am ET. Crypto assets are highly volatile. Those who are unwilling to take risks should stay away from the market.

Also Read: AVAX crypto soars as teams vie for US$800,000 hackathon rewards

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