Babylon, a pioneering Bitcoin startup, has secured $70 million in funding to develop a novel staking answer that integrates Bitcoin with different blockchain networks.
Led by Paradigm, a outstanding crypto enterprise capital agency, the funding spherical additionally noticed contributions from Polychain Capital, HashKey Capital, and different buyers.
Babylon Goals to Develop Bitcoin’s Utility
Babylon goals to leverage Bitcoin’s safety to allow staking throughout completely different blockchain platforms. Historically, staking is a related to Proof of Stake (PoS) blockchains. Babylon’s method is novel because it seeks to implement Bitcoin, a Proof of Work (PoW) asset, in a PoS-like system. This helps to strengthen the protection of different networks and supply new income streams for BTC holders.
This funding milestone highlights rising investor confidence in revolutionary options and the potential for Bitcoin to play a extra versatile position within the broader ecosystem. Earlier than Paradigm’s involvement, Babylon raised $33 million throughout a number of rounds and secured an undisclosed funding from Binance Labs.
“We will continue to push the technical boundaries and foster the Babylon ecosystem. Achieving this requires dedicated efforts from both our core team and the broader community. The funds raised will ensure we excel in realizing our vision of a Bitcoin-secured decentralized economy,” Fisher Yu, Babylon co-founder, advised BeInCrypto.
Learn extra: How To Fund Innovation: A Information to Web3 Grants
Babylon’s technique might bridge the hole between Bitcoin’s safe, decentralized nature and the versatile sensible contract capabilities of PoS networks. The startup has already made important progress. In February 2024, it launched the world’s first trustless Bitcoin staking testnet, attracting over 100,000 stakers inside 48 hours.
Babylon’s $70 million elevate is a big step towards integrating Bitcoin into the staking financial system of different blockchains. By harnessing Bitcoin’s safety for staking functions on networks like Ethereum and Solana, the venture is poised to unlock new alternatives for cryptocurrency customers and buyers. Its revolutionary method might set a precedent for cross-chain integrations, additional solidifying Bitcoin’s place.
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