Bitcoin

David

Reported by The Block, the Bitcoin staking protocol Babylon raised $70 million in funding led by the venture firm Paradigm.
Bullish Capital, Polychain Capital, Hashkey Capital, Mantle, Galaxy, Hack VC, ViaBTC Capital, Amber, HTX Ventures and others also participated in the round, according to a company release.
Babylon builds infrastructure that allows proof-of-stake systems to obtain staking capital from bitcoin. The platform uses modular design and slashing functionality to let stake-base systems, such as blockchains, Layer 2s, DA layers and oracles, incorporate bitcoin as a staking and restaking asset.
"This funding will accelerate our mission to make Bitcoin the security backbone of PoS systems," Babylon co-founder David Tse said in a statement. "Our team is dedicated to advancing the utility of Bitcoin beyond its traditional roles and enhancing the security of the entire blockchain ecosystem."
Binance Labs, the venture arm of the crypto exchange Binance, previously invested an undisclosed sum in Babylon on Feb. 28. The platform had launched its public testnet, complete with NFT pass rewards, the day prior. Polychain Capital and Hack VC also co-led a December 2023 Series A funding round of $18 million.

Bitcoin Staking Protocol Babylon Raised $70M, Led by Paradigm

TokenInsight

Otros artículos publicados el 31 may 2024

Why This Meme Coin Is Gaining Traction Among Bitcoin Investors

Crypto Prices Today May 31: Bitcoin Dips T0 $67K, ETH Below $3,800 While BEAM Pumps

Cryptocurrencies That Whales Are Accumulating Right Now

Trending Cryptocurrency Tokens on Avalanche Chain Today – Heroes Chained, Stargate Finance, Imper...

BlockDAG Network Targets $20 Value by 2027 with Innovative Dashboard, Outperforming SHIB, & Immut...

Livepeer Price Prediction for Today, May 31 – LPT Technical Analysis

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!