Babel Finance appoints new head of treasury as crypto lending business expands

New head joins from Commerzbank, where he spent the last 12 years serving in various leadership positions.

Crypto financial services provider Babel Finance has appointed Yang Song as head of treasury, a newly created role as the company expands the scope of its services to more diverse client groups.

Song joins Babel Finance from Commerzbank, where he spent 12 years, most recently serving as vice president of treasury.

Song’s tenure at Commerzbank positions him in good stead to support Babel Finance as it expands its crypto lending business.

He spent four years at Commerzbank’s Singapore branch managing SGD, three years at Commerzbank’s Frankfurt headquarters managing EUR and the last five years at the bank’s Hong Kong branch, building up its CNH (offshore RMB) and HKD business.

Yang Song, along with his growing team of new hires, will structure Babel Finance’s internal treasury systems and processes.

“We’re seeing our clients’ interests expand toward more cryptocurrencies, including altcoins. Solid management is key to servicing such highly sophisticated clients,” said Del Wang, founder of Babel Finance.

“This hiring is a proactive step in strengthening our risk management, supporting the ongoing expansion of our client services.”

Babel Finance had a $3 billion equivalent outstanding loan balance at the end of 2021. The firm’s lending and trading volume is now concentrated on BTC, ETF, USDC and USDT, a basket that is comparable to the G3 currencies in fiat treasury terms.

At the start of 2022, institutional and high-net-worth individuals’ demand for altcoins had increased significantly and Babel Finance is expanding its services to meet these needs.

“As an emerging asset class, crypto assets have the potential to absorb excess fiat liquidity in the same or an even better way that real estate, commodities and other financial derivatives did previously,” said Song.

“Better integrating crypto finance into the wider financial ecosystem could thus be the best way to offset the high levels of inflation we see emerging globally. I’m excited to be joining Babel, which is at the forefront of this developing trend.”