city Arrow cryptocurrency lending Financial Services city Arrow

Babel Finance to Repay ‘Some Debts’ and ‘Ease Its Short-term Liquidity Pressure’

Reading now: 293
cryptonews.com

Crypto-financial services provider Babel Finance claims to have reached certain “preliminary agreements” with “major” and “relevant” players on the repayment period of “some debts” – easing its short-term liquidity pressure.Per today’s notice by the company,“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.”As for the other steps the Babel Finance management has taken to “alleviate the company's liquidity situation,” the notice states that:The firm concluded by saying that,Babel Finance will actively fulfill its legal responsibilities to customers and strive to avoid further transmission and diffusion of liquidity risks.As reported, the company announced last Friday that it was "facing unusual liquidity pressures" given the situation in the crypto markets – and that it is "temporarily" suspending redemptions and withdrawals.This is happening after the massive Terra crash in May and at a time when major crypto lender Celsius continues to face issues stemming from the major trouble it got into last week -- both of which have spilled into the broader crypto market.

Following this, there have been rumors circulating about insolvency at major crypto hedge fund Three Arrows Capital, with crypto lender BlockFi being named as one counterparty affected.____Learn more: - BlockFi, Crypto.com, and Others Come Forward as Three Arrows Hires Advisers, Babel Finance Pauses Withdrawals- Celsius 'In Dialogue' With 'Regulators & Officials', Gets Quieter About Its Operations - Three Arrows Capital ‘Ghosted Us’ After USD 1M Went Missing, Trading Firm Claims - Not Enough Liquidity for

Read more on cryptonews.com
The website fvbb.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA