TLDR:
- Bitcoin staking protocol Babylon secures $70 million funding round led by Paradigm.
- Babylon aims to use Bitcoin as a staking asset for various proof-of-stake systems.
Bitcoin staking protocol Babylon has raised $70 million in a funding round led by venture firm Paradigm. Other participants in the investment round included Bullish Capital, Polychain Capital, Hashkey Capital, Mantle, Galaxy, Hack VC, ViaBTC Capital, Amber, and HTX Ventures. Babylon plans to use this funding to establish a Bitcoin-secured decentralized economy by allowing various proof-of-stake systems to use Bitcoin as a staking asset. This approach aims to unlock value from the over $1 trillion Bitcoin ecosystem and reduce inflation pressure on PoS chains while increasing financial utility for Bitcoin holders. Co-founder David Tse expressed excitement over the investment, stating that it will accelerate Babylon’s mission to make Bitcoin the security backbone of PoS systems.
Paradigm’s role in this fundraising is notable, as the firm has been actively involved in the crypto investment space. Earlier this year, Paradigm led a significant funding round for Merkle Manufactory, valued at approximately $1 billion. In addition, Paradigm announced plans to raise new funds for crypto investments, reflecting the growth and momentum in the digital asset industry. Other venture capitalists are also engaging in fundraising activities, with amounts ranging from $50 million to $150 million, highlighting the renewed interest in the cryptocurrency sector.
