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.
As previously reported, the firm issued a temporary suspension 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.”
In an update posted on June 20, Babel Finance stated that it has since taken three steps to help ease its current liquidity situation. These include: carrying out an emergency assessment of the firm's business operations, communicating with shareholders/investors, and reaching “preliminary agreements” for some debt repayments.
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...
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