Babylon, a bitcoin staking protocol in development, has raised $18 million in a Series A funding round led by Polychain Capital and Hack VC. Other investors include Framework Ventures, Polygon Ventures, Castle Island Ventures, OKX Ventures, and Symbolic Capital. The round began in July and has now closed. Babylon’s co-founder, David Tse, confirmed that it followed the same structure as the company’s previous seed funding round.
What is Babylon?
Babylon aims to allow bitcoin holders to stake their coins on proof-of-stake (PoS) blockchains and earn yield. This will enable PoS chains to incorporate bitcoin as a staking asset, leveraging bitcoin’s security to enhance their own security. Currently, PoS chains are secured by capital from their native tokens, which can be costly for emerging chains due to high inflation rates required to attract capital. Babylon is already in talks to support the Cosmos Hub and Polygon networks.
Babylon Launch
The Babylon protocol is expected to launch around the next Bitcoin halving in April 2024. It will serve as the control plane between Bitcoin and PoS chains. With the new funding, Babylon plans to expand its team and grow its ecosystem.
Reference:
https://www.theblock.co/post/266518/bitcoin-staking-babylon-series-a?utm_source=rss&utm_medium=rss
Hot Take: Babylon Raises $18 Million for Bitcoin Staking Protocol
Babylon has successfully raised $18 million in a Series A funding round led by Polychain Capital and Hack VC. The funding will support the development of Babylon’s bitcoin staking protocol, which aims to allow bitcoin holders to stake their coins on PoS blockchains and earn yield. This innovative approach will enhance the security of PoS chains by leveraging bitcoin’s security. Babylon is already in discussions to support the Cosmos Hub and Polygon networks, demonstrating its potential impact in the crypto space. With a planned launch around the next Bitcoin halving in 2024, Babylon is poised to make significant strides in the industry.
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