Babylon, a Bitcoin staking protocol, has secured $70 million in funding from leading investors like Paradigm, Bullish Capital, and Polychain Capital. The funding round, aimed at supporting team growth and development, comes ahead of Babylon’s mainnet launch.
The protocol allows Proof-of-Stake (PoS) systems to utilize Bitcoin as staking capital, leveraging its vast supply and store of value to enhance the financial utility of PoS chains. This approach aims to reduce inflation pressure on PoS systems and increase their security by introducing Bitcoin as a staking asset.
David Tse, co-founder of Babylon, expressed excitement about the investment, emphasizing the team’s dedication to making Bitcoin the security backbone of PoS systems. Investors like Arjun Balaji from Paradigm and Alasdair Foster from Bullish Capital praised Babylon’s trustless staking solutions and cryptographic advancements.
Babylon has already achieved significant milestones, such as launching the world’s first trustless Bitcoin staking testnet in February 2024. The testnet attracted over 100,000 stakers within 48 hours, showcasing Babylon’s technical capabilities and commitment to creating a secure decentralized economy.
