Bitcoin Startup Babylon Raises $70 Million To Expand BTC Staking
Babylon, a pioneering Bitcoin startup, has received $70 million in funding to develop a unique staking solution that integrates Bitcoin with other blockchain networks.
Led by renowned crypto venture capital firm Paradigm, the funding round saw contributions from Polychain Capital, HashKey Capital and other investors.
Babylon strives to expand the utility of Bitcoin.
Babylon aims to leverage Bitcoin's security to enable cross-platform interoperability. Traditionally, staking is associated with Proof of Stake (PoS) blockchains. Babylon's approach is novel when you want to implement Bitcoin, a proof-of-work (PoW) asset in a PoS-like manner. This will help strengthen the security of other networks and provide new sources of income for BTC owners.
This round of funding reflects growing investor confidence in innovative solutions and the opportunity for Bitcoin to play a more versatile role in the wider ecosystem. Prior to Paradigm's involvement, Babylon had raised $33 million in multiple rounds and an undisclosed investment from Binance Labs.
“We are thrilled by the trust shown by Paradigm, Bullish Capital, Polychain Capital and other investors. This funding accelerates our mission to make Bitcoin the secure backbone of PoS systems,” said Babylon's founder, David Tese.
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Babylon Strategy can bridge the gap between the secure, decentralized nature of Bitcoin and the flexible smart contract PoS networks. The startup has already made significant progress. In the year In February 2024, it launched the world's first trustless Bitcoin staking testnet, attracting over 100,000 stakeholders within 48 hours.
Babylon's $70 million fundraising is a big step toward integrating Bitcoin with other blockchain economies. The project is set to open up new opportunities for cryptocurrency users and investors to leverage Bitcoin's security on networks like Ethereum and Solana. The innovative approach exemplifies cross-chain integrations, further strengthening Bitcoin's position.
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