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  • Writer's pictureAspen Digital

Key Staff at Babel Finance Leave Amid Liquidity Crisis

Updated: Jul 20, 2022

Daily Market Wrap

  • Crypto market cap: 0.89 trillion, down 2.47%

  • BTC price stands at USD 20,054, down 1.33%

  • ETH price stands at USD 1,090, down 5.08%

  • Top gainer: TerraClassicUSD (USTC), up 49.48%

  • Top loser: Quant (QNT), down 12.14%

News of the Day

Why it matters:

  • Babel Finance executives are fleeing as the firm continues to struggle with a shortage of funds, Blockworks reported

  • Head of Partnerships, Yulong Liu, and Director of Communications, Jacynth Wang, are reportedly leaving the company soon; other employees from Liu’s Partnerships team have already left

  • Two weeks ago, Babel Finance announced that it had halted withdrawals as it was facing “unusual liquidity pressures”

Crypto Daily Spotlight

Brief introduction: Zigazoo, a US-based child-friendly social network, is the world’s largest social network and NFT education platform for children — it is one of the top five children’s apps in the App Store. Zigazoo allows kids to create video responses (similar to TikTok), engage in challenges made by the world’s biggest children’s brands and share them with friends on the app.

Why it matters:

  • Zigazoo, a TikTok-like app for children, has raised $17 million in its Series A round led by Liberty City Ventures; the round also includes the NBA, Dapper Labs, OneFootball, Flamingo Capital, Medici VC, Animoca Brands and Lightspeed Venture Partners

  • “We’re planning on using the new capital to become the biggest kids company in the world by expanding our Web3 offerings while building towards becoming the leading social network for kids to interact directly with creators and brands in the kids’ media space,” ​​Zigazoo founder and CEO Zak Ringelstein said

  • Zigazoo has plans to build a creator’s studio for users to create marketplaces and sell digital goods, such as NFTs

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About Aspen Digital

Aspen Digital is a leading technology and financial services company with a mission to accelerate the mass adoption of digital assets. The company provides a digital asset management solution for asset managers, institutions, and sophisticated investors. Aspen Digital was co-founded by digital assets innovators and asset management veterans at Everest Ventures Group (“EVG”) and TT Bond Partners (“TTB”) in 2021.

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