Following the halt of its withdrawals amidst its inability to pay its creditors as the crypto market meltdown took a bearish turn in the past few days, Babel Finance has announced measures to ease off its immediate operational burdens.
While it said when it halted its withdrawals that it was experiencing unpleasant liquidity risks, the platform noted in a Monday announcement that it has “carried out an emergency assessment of the company’s business operations to understand the company’s liquidity status,” as one of the major measures to curb its current woes.
A major step the company said it is taking is that it has reached an agreement with some of its stakeholders, who are willing to give it a flexible time to repay its loans while sourcing for liquidity across the board.
“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...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...