Bitcoin

David

when

Standard

Read

Bitcoin staking protocol Babylon has successfully <a href="https://www.prweb.com/releases/babylon-completes-70m-raise-led-by-paradigm-to-advance-trustless-bitcoin-staking-302159158.html#:~:text=Babylon%20Completes%20%2470M%20Raise%20Led%20by%20Paradigm%20to%20Advance%20Trustless%20Bitcoin%20Staking" target="_blank" rel="noopener noreferrer nofollow">raised</a> $70 million in a funding round led by venture firm Paradigm.&nbsp;
Babylon’s investment round included participation from Bullish Capital, Polychain Capital, Hashkey Capital, Mantle, Galaxy, Hack VC, ViaBTC Capital, Amber, and HTX Ventures.
The platform aims to use this fresh capital to drive its mission of establishing a Bitcoin-secured decentralized economy. It allows various <a href="https://crypto.news/what-is-proof-of-stake-pos/" target="_blank" rel="noopener noreferrer nofollow">proof-of-stake</a> (PoS) systems, such as PoS chains, layer-2 solutions, data availability layers, and oracles, to use Bitcoin as a staking asset.&nbsp;
By using Babylon’s modular design and slashing functionality, PoS systems can enhance their crypto-economic security far beyond what native tokens offer.
According to Babylon, this approach could unlock value from the over $1 trillion Bitcoin ecosystem, significantly reducing inflation pressure on PoS chains while increasing financial utility for Bitcoin holders.
David Tse, co-founder of Babylon, expressed his excitement over the investment.
“We are thrilled by the confidence shown by Paradigm, Bullish Capital, Polychain Capital, and other investors,” he said. “This funding will accelerate our mission to make Bitcoin the security backbone of PoS systems.”
You might also like: <a href="https://crypto.news/vc-roundup-felix-pagos-15-5m-for-whatsapp-remittances-fortunafis-9-5m-for-asset-tokenization-and-more-big-wins/" rel="noopener noreferrer nofollow"> VC roundup: Félix Pago’s $15.5m for WhatsApp remittances, Fortunafi’s $9.5m for asset tokenization, and more big wins </a>
<h2 class="wp-block-heading" id="strong-paradigm-growing-footprint-in-crypto-funding-strong">Paradigm growing footprint in crypto funding</h2>
Paradigm’s role in the fundraising is notable. The research-driven technology investment firm has been actively involved in the crypto investment space.
Earlier this year, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-03-30/crypto-social-media-firm-merkle-sees-1-billion-valuation-in-paradigm-deal" target="_blank" rel="noopener noreferrer nofollow">reported</a> Paradigm’s leading role in a significant funding round for Merkle Manufactory, the company behind the <a href="https://crypto.news/what-is-farcaster-and-why-are-people-excited-about-it/" rel="noopener noreferrer nofollow">Farcaster</a> network.&nbsp;
Valued at approximately <a href="https://crypto.news/paradigm-invests-1b-in-merkle-manufactory-boosts-farcaster-network/" target="_blank" rel="noopener noreferrer nofollow">$1 billion</a>, Farcaster raised $150 million with Paradigm at the helm, alongside A16z Crypto, Haun Ventures, USV, Variant, Standard Crypto, and others.
In April, Paradigm also <a href="https://crypto.news/paradigm-crypto-fundraiser-ftx/" target="_blank" rel="noopener noreferrer nofollow">announced</a> plans to raise new funds for crypto investments, aiming for up to $850 million as the digital asset industry continues to rebound.
This would mark Paradigm’s largest fundraise since 2021, when the firm secured $2.5 billion for a crypto fund, a record at the time until surpassed by Andreessen Horowitz’s $4.5 billion crypto-investment fund in May 2022.
Other venture capitalists, including <a href="https://crypto.news/a16z-co-founder-galaxy-digital-back-1kxs-new-75m-crypto-fund/" rel="noopener noreferrer nofollow">a16z</a>, Hack VC, and Hivemind, are similarly engaging in fundraising activities, with amounts ranging from $50 million to $150 million, reflecting the renewed momentum in the cryptocurrency sector.
Read more: <a href="https://crypto.news/binance-founder-changpeng-zhao-begins-prison-sentence/" rel="noopener noreferrer nofollow"> Binance founder Changpeng Zhao begins his prison sentence in California </a>

Paradigm backs Bitcoin staking protocol Babylon, leads $70m round

Table of Contents

crypto.news

Other articles published on Jun 1, 2024

Ripple Might Float Potential IPO Outside the United States

BlockDAG Dominates Presale Market, Raising $38.4M, with Price Predicted to Hit $10; Retik Finance...

Bearish Bitcoin, Bullish Ethereum: Crypto Market Stands Split

Robinhood Approaches Settlement with Investors Over 2021 Meme Stock Trading Halt

Navigating the Crypto Storm: Bitcoin Sidechains Hold Strong Amidst Bearish Market

Ethereum’s bullish surge cools off – How much longer for $4k?

Join our free newsletter for daily crypto updates!