- Babylon, a Bitcoin staking mechanism, raised $70 million in new funding, spearheaded by Paradigm.
- Participating in the round were Bullish Capital, Polychain Capital, Hashkey Capital, Mantle, Galaxy, Hack VC, and other investors.
- Babylon creates the infrastructure needed for proof-of-stake systems to use bitcoin as staking capital.
The venture capital firm Paradigm spearheaded the $70 million fundraising campaign for the Bitcoin staking protocol Babylon.
According to a press statement from the company, additional investors in the round included Mantle, Galaxy, Hack VC, Amber, HTX Ventures, Polychain Capital, Hashkey Capital, Bullish Capital, and others.
Babylon creates the infrastructure needed for proof-of-stake systems to use bitcoin as staking capital. The platform allows for the incorporation of bitcoin as a staking and restaking asset into stake-base systems, including blockchains, Layer 2s, DA layers, and oracles, through the use of modular design and cutting functionality.
According to a statement from co-founder David Tse of Babylon, “This funding will accelerate our mission to make Bitcoin the security backbone of PoS systems.” Our team is committed to improving the security of the whole blockchain ecosystem and expanding the use of Bitcoin beyond its conventional functions.
The prior financing of Babylon
The cryptocurrency exchange Binance’s venture division, Binance Labs, had previously made an undisclosed investment in Babylon on February 28. The day before, the platform had opened up its public testnet with NFT pass incentives.
Polychain Capital and Hack VC jointly led a $18 million Series A fundraising round in December 2023.
The reason Polychain took part in Babylon’s latest fundraising round once more is because it believes the company’s new use case for the biggest cryptocurrency in the world based on market capitalization has potential.
According to a statement from Polychain Capital General Partner Luke Pearson, “Polychain is excited to double down our investment in Babylon.” We support the idea of enabling Bitcoin to expand the market for decentralized security by utilizing Babylon’s trustless architecture. Babylon will serve as the impetus for a new wave of Bitcoin-native applications, redefining the utility of BTC.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
