Crypto lender Babel Finance appointed Edmond Lau, a former Citigroup vice president, as its chief financial officer, hoping he will keep the company on regulators’ good side.
Lau, also a former managing director of Beijing-based VC firm Lingfeng Capital, will lead fundraising efforts and “provide strategic input” for Babel’s business and regulatory compliance planning, according to a press release shared with CoinDesk.
Lau will “unquestionably” boost the company’s relationship with regulatory bodies, Babel co-founder and CEO Flex Yang said.
Babel closed a $40 million Series A funding round in May, had lent $2 billion and counts $500 million in crypto assets under management, the press release said.
Lau will also oversee M&A activities and partnerships.
Babel Finance applied for a Type 9 asset management license in Hong Kong last November, but has yet to receive approval.
Huobi Technology secured the license in August 2020, and launched dedicated crypto funds in April.
Babel Finance is a global leading crypto financial services provider, offering institutional and HNWI investors professional services covering crypto lending and crypto trading.
The company is backed by prominent investors including Sequoia Capital China, Tiger Global Management, BAI Capital, Zoo Capital, Dragonfly Capital, and NGC Ventures.
With a business focus in Asia and a business headquarters in Singapore, Babel Finance has established close cooperative relationships with major global exchanges, custodians, investment funds, and mining institutions.
Babel Finance believes that a more inclusive financial system will benefit everyone in the world. As a conducive supplement to traditional finance, crypto finance will help people manage risks more effectively. With this belief, it is Babel Finance’s responsibility to support the development of cryptocurrency, let more people learn and understand blockchain technology and Bitcoin, increase awareness of cryptocurrencies, and promote social equity.