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Babel Finance Proposes Repayment of $766M Debt with “Babel Recovery Coins”

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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…

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 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.

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