Babel Finance Proposes Repayment of $766M Debt with “Babel Recovery Coins”
On March 6, according to the court documents cited by Bloomberg, the crypto financial service provider Babel Finance proposed to repay $766 million of creditor…
On March 6, according to the court documents cited by Bloomberg, the crypto financial service provider Babel Finance proposed to repay $766 million of creditors’ debt through the revenue generated from the casting of “Babel Recovery Coins”. At the same time, Yang Zhou, the sole director of the company, is planning to file a suspension of protection order with the High Court of Singapore, requiring creditors not to take further action against the company for up to six months while seeking the reorganization approval.
Babel Finance plans to launch a new stable currency project to repay more than US $700 million of debt
Interpretation of the news:
Babel Finance, a prominent cryptocurrency financial services provider, has proposed to repay $766 million of creditors’ debt through the revenue generated from the casting of “Babel Recovery Coins”. According to court documents cited by Bloomberg, the company is aiming to use its technological infrastructure and expertise to create these recovery coins and generate sufficient revenue to repay its outstanding debts.
The proposal comes at a time when Babel Finance has been facing a significant amount of financial pressure from its creditors. The company’s sole director, Yang Zhou, is planning to file a suspension of protection order with the High Court of Singapore, which would prohibit creditors from taking further legal action against the company for up to six months. During this time, the company plans to seek reorganization approval and raise funds to repay its debt.
The proposal to use recovery coins as a means of debt repayment is an interesting development in the world of cryptocurrency finance. Recovery coins are a form of cryptocurrency that are specifically designed to be used in the event of a financial crisis, such as the one currently faced by Babel Finance. They are used as a means of securing the assets of the company during a period of financial distress, with the aim of eventually using the revenues generated from the coins to repay outstanding debts.
The use of recovery coins as a means of debt repayment is an interesting concept, as it allows companies to leverage their technological infrastructure and expertise to generate revenues and repay their debts. The concept is particularly useful in the world of cryptocurrency finance, where companies can use their blockchain-based systems to create and distribute their own recovery coins.
In conclusion, the proposal put forth by Babel Finance to repay its outstanding debts through the creation of recovery coins is an innovative solution to a significant financial crisis. If successful, the move could pave the way for more companies in the cryptocurrency space to leverage their technological infrastructure and expertise to create innovative solutions to financial problems.
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/5239/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
Why is Bitcoin not Crackdowned (Why is Bitcoin not Government Recognized)?
Why is Bitcoin not Crackdowned? Why is Bitcoin not Crackdowned?On January 6, 201
-
What Mining Pools Should You Choose for ETH (What Mining Pools to Use for ETH)?
What mining pools should you choose for ETH? According to the official website d
-
Aave V3 Deploys on StarkNet: Complete Guide to the Integration Plan
On April 11th, the proposal to deploy Aave V3 to StarkNet passed the temperature check vote with 99.98% support. According to the proposal, the integration plan between Aave and St
-
SVB Financial Group’s Dashboard Faces Technical Glitches in the UK
According to reports, SVB Financial Group\’s customers in the United Kingdom said that the dashboard of Silicon Valley banks showing account balances and capita…
-
KYVE Launches Main Network to Create Trustless Public Data Solution
On March 18th, it was announced that the main network of the Web3 data storage solution KYVE has now been launched, and another innovative solution based on the Cosmos SDK has been proposed to enhance the developer experience. The goal is to make data a public product that does not require trust. The KYVE blockchain is divided into two layers: the chain layer and the protocol layer. The chain layer is the backbone of KYVE, protecting the network through DPoS, governing and maintaining the overall structure. The protocol layer acts as a decentralized data pool, and protocol nodes can participate in obtaining, storing, and validating data. On March 21st, KYVE’s inflation support governance proposal will be approved to ensure that KYVE’s main network features are more complete and secure. The next step is to launch KYVE tokens. At the same time, the KYVE data pipeline has also been launched, and it will take 6-8 weeks for the first data pool…
-
Kazakhstan Shuts Down Illegal Cryptocurrency Trading Platform
It is reported that according to the latest information shared by the Financial Supervisory Authority (FMA) of Kazakhstan, ABS Change is the platform for illeg…
-
Safeheron and MetaMask Collaborate: Launching MPC Wallet by End of June 2023
On April 15th, Safeheron, a one-stop open source self hosted service provider, announced at the 2023 Hong Kong Web3 Carnival that it plans to collaborate with MetaMask to launch an
-
Understanding Panic and Greed Index for Stock Market Investors
According to reports, the panic and greed index today was 63 (yesterday was 60), indicating an increase in the level of greed compared to yesterday, with the level still being gree
-
What is the difference between Bitcoin quarterly and weekly contracts? (Will the Bitcoin quarterly contract price rise or fall on the delivery day)
What is the difference between Bitcoin quarterly and weekly contracts? Different
-
Ripple’s CTO David Schwartz Refrains From Commenting on Bank Collapse
It is reported that David Schwartz, the chief technology officer of Ripple, said in response to the question about whether the company had contacted the failed Silicon Valley bank that the official statement of Ripple would be released soon. He will not make any personal comments on this matter before making a statement. The collapse of Silicon Valley banks has shaken the global financial markets, but as of the writing of this article, Ripple has not provided any statement on whether there is any capital exposure in Silicon Valley banks. （u.today） Ripple CTO: An official statement will be issued soon on the situation of banks in Silicon Valley Analysis based on this information:The recent collapse of a Silicon Valley bank has sent shockwaves throughout the global financial markets, raising questions about the extent of its impact on Ripple, a leading blockchain-based payments platform. As the market awaits a statement from Ripple, David Schwartz, the company’s chief technology officer, has remained…
-
European Central Bank’s Plan for Digital Euro
It is reported that the document published by the European Central Bank on its website said that the digital euro should give priority to online shopping and p…
-
Allocation and Distribution of Ecological DAO by Arbitrum Completed
On April 25th, according to data from Nansen, the initial ARB allocation and distribution of its ecological DAO by Arbitrum have been fully completed, with the highest recipients i
-
Synalcom and Qori Merge to Form Sylq: A Comprehensive Payment Platform for Enterprises
According to reports, French payment companies Synalcom and Qori are merging to form a new company called Sylq, promising to provide a multi in one merchant payment platform. Sylq will provide comprehensive payment services for enterprises, supporting purchases using cards, bank transfers, and cryptocurrency on any payment terminal or Android and iOS devices, while also enabling remote and online payments. The new company will provide, personalize, support, and maintain terminals throughout Europe. Payment companies Synalcom and Qori merge into a new platform that supports cryptocurrency purchases Analysis based on this information:French payment companies Synalcom and Qori have merged to form a new entity called Sylq. The merger aims to provide a complete payment solution for enterprises, which will enable them to accept various forms of payments, including bank transfers, cards, and cryptocurrencies. This multi-payment platform will support transactions made through mobile and web-based devices. The move is significant given that businesses today need to offer diverse payment options to customers…
-
What currency is th (th currency price)
What currency is TH? What currency does th have, also known as “currency” in traditional finance, similar to commodities such as gold and silver. But in the field of traditional Cryptocurrency, Bitcoin (BTC) is usually used as a value storage method; In the blockchain industry, Litecoin or Ethereum are mainly used for settlement For ordinary investors, it is very necessary to obtain legal digital currency investments: first, they need to understand what Th (Three Arrows Capital) is. If you want to participate, you must know the technical details or stage behind the project. Secondly, from a technical perspective, it is not fundamentally different from Bitcoin, but can be understood as a distributed network that achieves peer-to-peer transfer of assets through consensus mechanisms, thereby ensuring safe and reliable transactions Price of th coinAccording to CoinGecko data, the current price of th coin is 0.035 US dollars. According to Coinmarketcap, th’s 24-hour trading volume reached $1.5 billion It is reported that Th…
-
Acre, a blockchain mortgage lending platform, completed £ 6.5 million seed round financing
According to reports, Acre, a blockchain mortgage lending platform headquartered in London, UK, announced the completion of a £ 6.5 million seed round financing, with McPike Global
-
Cryptocurrency Market Value Falls Below US $1 Trillion as BUSD Issuance Is Suspended
It is reported that the total market value of cryptocurrency fell below US $1 trillion after Paxos, the issuer of the US dollar stable currency, announced the …