Quick take:
- The fundraising also attracted participation from Bullish Capital, Polychain Capital and others.
- Babylon’s Bitcoin staking protocol allows Proof-of-Stake (“PoS”) systems including PoS chains, L2s, Data Availability layers and oracles to acquire staking capital from Bitcoin.
- Babylon’s trustless Bitcoin testnet saw over 100,000 stakers within 48 hours following its launch in February 2024.
Babylon Chain has completed a $70 million funding round led by Paradigm with participation from Bullish Capital, Polychain Capital and others. The company plans to use the capital to accelerate its “mission of building a Bitcoin-secured decentralised economy.”
Babylon’s Bitcoin staking protocol allows Proof-of-Stake (“PoS”) systems including PoS chains, L2s, Data Availability layers and oracles to acquire staking capital from Bitcoin. Its trustless Bitcoin testnet saw over 100,000 stakers within 48 hours following its launch in February 2024.
Babylon Chain is expanding the utility of the world’s biggest cryptocurrency by market cap. With over $1 trillion in market cap, Babylon’s scalable staking and restaking features will allow it to unlock more revenue opportunities from the Bitcoin ecosystem.
“Since bitcoin is huge in supply and has been serving as a store of value without much yield, using it as a staking asset can greatly reduce PoS chains’ inflation pressure and enhance its financial utility to holders,” the company wrote in a statement via press release.
Commenting on the announcement, David Tse, co-founder of Babylon, said in a statement: “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 commented: “Trustless staking is a novel and fundamental primitive for bitcoin and the broader ecosystem. We are thrilled to partner with David Tse and the Babylon team, who are among the best researchers and builders pushing at the frontier of Bitcoin innovation.”
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