David

Bitcoin

Polygon

Notable

Castle

<p class="p1" style="text-align: justify">The Babylon stake protocol, which is currently being developed, announced that it has raised $18 million in a joint Series A financing round led by Polychain Capital and Hack VC. According to Babylon’s announcement on December 7th, other investors in the round include Framework Ventures, <a href="https://en.coin-turk.com/polygon-labs-recognized-in-times-top-100-influential-companies-2023/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Polygon</a> Ventures, Castle Island Ventures, OKX Ventures, and Symbolic Capital.</p>
<h2 class="p1" style="text-align: justify" id="notable-statements-from-david-tse">Notable Statements from David Tse</h2>
<p class="p1" style="text-align: justify">David Tse, co-founder of Babylon and engineering professor at Stanford University, stated that the project began raising funds for the round at the end of July and that the process has now concluded. Tse explained that this round is a similar structure to Babylon’s announced $8 million seed financing round in March. He refrained from commenting on Babylon’s valuation in this round.</p>
<p class="p1" style="text-align: justify">The Babylon protocol will allow <a href="https://en.coin-turk.com/bitcoin-smashes-through-2023-threshold-a-new-high-on-the-horizon/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> holders to stake their assets in a proof-of-stake blockchain network and earn returns. The protocol will essentially allow PoS chains to introduce a stake presence in the Bitcoin ecosystem. Babylon aims to use Bitcoin’s security measures to enhance the security of PoS chains.</p>
<p><img decoding="async" class="aligncenter wp-image-285969 size-full" src="https://coin-turk.com/wp-content/uploads/2023/12/babylon.webp" alt="" width="2048" height="1170"></p>
<h2 class="p1" style="text-align: justify" id="praise-for-babylon">Praise for Babylon</h2>
<p class="p1" style="text-align: justify">PoS chains are currently secured by capital derived from their native tokens. However, this capital can be costly, especially for emerging chains, as high staking rewards and inflation rates are required to attract such capital to the platform.</p>
<p class="p1" style="text-align: justify">For example, the Cosmos Hub community recently approved a proposal to reduce the maximum inflation rate of its native token, Atom, from approximately 14% to 10%. With the approved change, the annual staking yield of Atom was reduced from around 19% to approximately 13.4%, leading to an increase in the token’s value.</p>
<p class="p1" style="text-align: justify">Tse revealed that Babylon has been in talks to support the Cosmos Hub and Polygon networks during this process. Sandeep Nailwal, co-founder of Polygon, stated:</p>
<blockquote>
 <p class="p1" style="text-align: justify">“Babylon is contributing to the Polygon CDK and, more broadly, the Polygon ecosystem. Integrating Babylon’s solutions into Polygon’s staking hub not only enhances the security of emerging chains but also eliminates the inflationary pressures inherent in traditional staking models.”</p>
</blockquote> <span style="font-weight:bold;font-size:16px">Continue Reading:</span> <a href="https://en.coin-turk.com/babylon-raises-18-million-in-series-a-funding-for-bitcoin-stake-protocol/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/babylon-raises-18-million-in-series-a-funding-for-bitcoin-stake-protocol/</a>

Babylon Raises $18 Million in Series A Funding for Bitcoin Stake Protocol

Table of Contents

COINTURK NEWS

Other articles published on Dec 7, 2023

Dogecoin Tops the Gainers List, Investors Buy Meme Kombat Before the Next Pump

Treasury wants to sanction defi with its latest efforts, TRM Labs says

Self-Custody Bitcoin Wallet Bitkey, Built by Block, Inc., Launches Globally, Widening Access to T...

24 Crypto Update, 6 Dec: BTC stable, while altcoins are under pressure

House panel approves legislation to ‘maintain U.S. dominance’ in blockchain tech

Can Top 10 Projects on the Cosmos Ecosystem Shape the Future of Blockchain?

Join our free newsletter for daily crypto updates!