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Crypto financial services provider Babel Finance has appointed Yang Song as head of treasury, a newly established role based in Hong Kong.
He moves to the Singapore-headquartered firm after 12 years as Vice President of Treasury at prominent German bank Commerzbank.
According to an announcement, Babel Finance, which has Asia’s largest crypto lending book, is expanding the scope of its services to “more varied customer groups.” The treasury section will improve risk management and provide adequate liquidity for its lending operations, the firm said.
Babel Finance’s has a loan balance of US$3 billion equivalent by the end of 2021. The firm’s lending and trading volume are presently centered on BTC, ETH, USDC, and USDT, a basket that is equivalent to the G3 currencies in fiat treasury terms, the company said. However, by the beginning of 2022, demand for altcoins among institutions and HNWIs has greatly increased, and Babel Finance is extending its crypto market services to suit these demands.
According to founder Del Wang, Babel clients’ interests have been expanding towards more cryptocurrencies. “This hiring is a proactive step in strengthening our risk management, supporting the ongoing expansion of our client services,” Wang said.