2024-5-31 20:15 |
Babylon, the Bitcoin staking protocol, has successfully closed a $70 million funding round led by Paradigm, with significant contributions from Bullish Capital and Polychain Capital. This pre-launch funding aims to support team growth, research, and development ahead of Babylon’s mainnet launch. The funds will be used to advance Babylon’s scalable staking and restaking features, unlocking value from the idle $1+ trillion Bitcoin ecosystem and positioning Bitcoin as the security backbone of Proof-of-Stake (PoS) systems.
Babylon’s protocol allows PoS systems, including PoS chains, Layer 2 solutions, Data Availability layers, and oracles, to acquire staking capital from Bitcoin, the largest decentralized crypto asset. By leveraging Bitcoin’s vast supply and its role as a store of value, Babylon aims to reduce inflation pressure on PoS chains and enhance their financial utility. The protocol’s modular design and slashing functionality enables PoS systems to introduce Bitcoin as a staking asset, providing higher crypto-economic security than native tokens.
David Tse, co-founder of Babylon, expressed enthusiasm about the investment, 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, Investment Partner at Paradigm, highlighted the significance of trustless staking, calling it a novel and fundamental primitive for Bitcoin and the broader ecosystem. Alasdair Foster, CEO of Bullish Capital, praised Babylon’s cryptographic solutions, emphasizing the breakthrough in allowing Bitcoin holders to stake their assets while retaining their keys. Luke Pearson, General Partner at Polychain Capital, reiterated their commitment to Babylon’s vision of unlocking Bitcoin to boost the decentralized security market.
Significant milestones have marked Babylon’s journey, including launching the world’s first trustless Bitcoin staking testnet in February 2024. The testnet attracted over 100,000 stakers within 48 hours, demonstrating the platform’s potential to evolve Bitcoin into the security backbone of PoS systems. This achievement illustrates Babylon’s technical prowess and commitment to creating a secure, decentralized economy.
The post Babylon secures $70 million to turn Bitcoin into PoS security backbone appeared first on CryptoSlate.
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