(Reuters] Hong Kong-based Babel Finance reported Wednesday that $80 million had been raised in a round of new financing. This was a valuation for the asset manager and cryptocurrency lender at $2 billion.

Jeneration Capital, Circle Ventures, and 10T Holdings were among the investors who took part in Series B’s financing round. They were joined by Dragonfly Capital (an existing backer) and BAI Capital.

Babel stated that the round was also attended by a number of Asian-Pacific family offices.

A year prior, the company had raised $40 Million in its first round.

It said that Babel’s main businesses include crypto trading and lending, but it limits its operations to stablecoins and ethereum. With 500 customers, the firm had $3 billion in loans balances at its end last year.

Del Wang, co-founder and chief executive officer of Babel said that the cryptocurrency financial market was full of potential and hidden dangers. He also stated that Babel’s focus is on long-term growth of the industry and not short-term profit.

According to the company, they have applied for licenses in Hong Kong as well, Luxembourg, and the United Kingdom.

Babel’s capital raise comes after a severe slide in cryptocurrency value over the past weeks. Bitcoin lost more than one third in just two months.

The market volatility is not affecting investors’ enthusiasm and they see opportunities in this industry. Andreessen Horowitz Venture Capital raised $4.5B for its fourth crypto fund. On Wednesday, it also announced that it will invest in Web3 startups.