Paradigm leads 70 million Dollar raise for Babylon to Advance Trustless Bitcoin Staking
Bitcoin staking project Babylon has announced that it has successfully completed a $70 million funding round led by Paradigm to further its goals of implementing staking on the largest blockchain globally.
🎉 Exciting news! Babylon has successfully completed a $70M raise led by Paradigm @paradigm to advance trustless Bitcoin staking. 🚀
1/9 pic.twitter.com/FACJ63XpH4— Babylon (@babylon_chain) May 30, 2024
According to a press release from the company, Bullish Capital, Polychain Capital, Hashkey Capital, Mantle, Galaxy, Hack VC, ViaBTC Capital, Amber, HTX Ventures, and other investors contributed significantly, representing significant momentum in the Bitcoin ecosystem.
Babylon's co-founder David Tse stated, "We are extremely happy about the confidence that Paradigm, Bullish Capital, Polychain Capital, and other investors have shown. "Our goal to establish Bitcoin as the security foundation of PoS systems will be accelerated by this funding. Our team is committed to expanding Bitcoin's utility beyond its traditional applications and strengthening the blockchain's overall security."
The company's latest round of investment will accelerate its goal of enabling a decentralized economy secured by Bitcoin. Babylon The Bitcoin Staking Protocol makes it possible for Proof-of-Stake ("PoS") systems to obtain staking capital from bitcoin, the largest decentralized cryptocurrency in the world, including PoS chains, L2s, Data Availability (DA) layers, and oracles.
Trustless staking is the innovative and fundamental building block of bitcoin and the larger ecosystem. “We are excited to be collaborating with David Tse and pushing the boundaries of the Babylon team, who are among the best researchers and developers of Bitcoin innovation," Arjun Balaji, Investment Partner at Paradigm, added.
In February 2024, the world's first trustless Bitcoin staking testnet was launched, marking one of the major turning points in Babylon's history. Within 48 hours of launch, the testnet was utilized by over 100,000 stakers, indicating the platform's potential to establish Bitcoin as the cornerstone of PoS system security.
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