Babylon, the Bitcoin staking protocol, has efficiently closed a $70 million funding spherical led by Paradigm, with important contributions from Bullish Capital and Polychain Capital. This pre-launch funding goals to assist group development, analysis, and growth forward of Babylon’s mainnet launch. The funds shall be used to advance Babylon’s scalable staking and restaking options, unlocking worth from the idle $1+ trillion Bitcoin ecosystem and positioning Bitcoin because the security backbone of Proof-of-Stake (PoS) methods.
Babylon’s protocol permits PoS methods, together with PoS chains, Layer 2 options, Knowledge Availability layers, and oracles, to purchase staking capital from Bitcoin, the biggest decentralized crypto asset. By leveraging Bitcoin’s huge provide and its position as a retailer of worth, Babylon goals to scale back inflation stress on PoS chains and improve their monetary utility. The protocol’s modular design and slashing performance allows PoS methods to introduce Bitcoin as a staking asset, offering greater crypto-economic security than native tokens.
David Tse, co-founder of Babylon, expressed enthusiasm in regards to the funding, stating,
“We are thrilled by the confidence shown by Paradigm, Bullish Capital, Polychain Capital, and other investors. This funding will accelerate our mission to make Bitcoin the security backbone of PoS systems.
Our team is dedicated to advancing the utility of Bitcoin beyond its traditional roles and enhancing the security of the entire blockchain ecosystem.”
Arjun Balaji, Funding Companion at Paradigm, highlighted the importance of trustless staking, calling it a novel and elementary primitive for Bitcoin and the broader ecosystem. Alasdair Foster, CEO of Bullish Capital, praised Babylon’s cryptographic options, emphasizing the breakthrough in permitting Bitcoin holders to stake their belongings whereas retaining their keys. Luke Pearson, Basic Companion at Polychain Capital, reiterated their dedication to Babylon’s imaginative and prescient of unlocking Bitcoin to increase the decentralized security market.
Vital milestones have marked Babylon’s journey, together with launching the world’s first trustless Bitcoin staking testnet in February 2024. The testnet attracted over 100,000 stakers inside 48 hours, demonstrating the platform’s potential to evolve Bitcoin into the security backbone of PoS methods. This achievement illustrates Babylon’s technical prowess and dedication to making a safe, decentralized economic system.
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