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TLDR:
Key Points:
- Babylon, a Bitcoin staking protocol, raises $70 million in funding round.
- Company aims to integrate Bitcoin as a staking asset in Proof-of-Stake (PoS) systems.
Investment & Funding
Babylon, a Bitcoin staking protocol, has raised $70 million in its latest funding round. The round was led by venture capital firm Paradigm and saw participation from other notable investors including Bullish Capital, Polychain Capital, and more. Founded with the mission of using Bitcoin to secure decentralized systems, Babylon is making strides towards creating a “Bitcoin-secured decentralized world” by allowing Bitcoin to be used as a staking asset in various PoS systems.
Key Features
The protocol’s modular design and unique slashing functionality set Babylon apart in the cryptocurrency landscape. By integrating Bitcoin into active staking mechanisms, the company aims to enhance the economic and security models of PoS systems globally. This move not only taps into Bitcoin’s vast market cap of over $1 trillion but also aims to alleviate inflationary pressures faced by native PoS tokens.
Strategic Move
David Tse, Co-founder of Babylon, highlighted that the strategic move to integrate Bitcoin as a staking asset is intended to accelerate the company’s mission of making Bitcoin the security backbone of PoS systems. Key investors like Edward of HTX Ventures emphasized the trustless design of Babylon’s platform, unlocking new possibilities for Bitcoin and paving the way for innovative Bitcoin-native applications.
Recent Milestones
Babylon recently launched the world’s first trustless Bitcoin staking testnet, attracting over 100,000 stakers within the first 48 hours. With this new funding injection, Babylon is set to further develop its innovative Bitcoin staking protocol and expand its reach in the cryptocurrency ecosystem.
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