Bitcoin staking protocol Babylon has successfully raised $70 million in funding, with venture firm Paradigm leading the investment round. Other participants include Bullish Capital, Polychain Capital, Hashkey Capital, Mantle, Galaxy, Hack VC, ViaBTC Capital, Amber, HTX Ventures, and more, according to a statement released by the company.
Enhancing Bitcoin’s Role in Proof-of-Stake Systems
Babylon specializes in building infrastructure that enables proof-of-stake (PoS) systems to leverage staking capital from Bitcoin. The platform utilizes a modular design and slashing functionality to integrate Bitcoin as a staking and restaking asset for various stake-based systems, including blockchains, Layer 2s, DA layers, and oracles.
“This funding will accelerate our mission to make Bitcoin the security backbone of PoS systems,” said David Tse, co-founder of Babylon. “Our team is dedicated to advancing the utility of Bitcoin beyond its traditional roles and enhancing the security of the entire blockchain ecosystem.”
Previous Funding and Support
Babylon had previously received backing from Binance Labs, the venture arm of the crypto exchange Binance, in an undisclosed investment made on February 28. Additionally, Polychain Capital and Hack VC co-led a Series A funding round in December 2023, amounting to $18 million, as reported by The Block.
Polychain Capital, one of the participants in Babylon’s recent funding round, expressed optimism about the platform’s potential to unlock new use cases for Bitcoin. Luke Pearson, General Partner at Polychain Capital, stated, “Babylon will be the catalyst that redefines the utility of BTC and paves the way for a new era of Bitcoin-native applications.”
Bitcoin’s Market Performance
As of May 30, Bitcoin’s value stood at $68,610, marking a 1.3% increase over the past 24 hours, according to data from The Block Prices. This funding round for Babylon highlights growing interest and investment in projects aimed at expanding Bitcoin’s utility and integration within the broader blockchain ecosystem.
