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Babylon Secures $70M Funding to Implement Bitcoin as Staking Asset in PoS Systems, Unleashing $1 Trillion Potential in BTC Ecosystem

The Bitcoin staking protocol, Babylon, has successfully raised $70 million in its recent funding round, with Paradigm leading the way and support from Bullish Capital, Polychain Capital, and other investors.

Babylon’s goal is to enhance the functionality of Bitcoin by allowing it to be used as a staking asset in Proof-of-Stake (PoS) systems.

The Bitcoin staking protocol, Babylon,, has secured $70 million in funding, with Paradigm being the main investor. The funding round also involved other notable VCs such as Bullish Capital, Polychain Capital, Hashkey Capital, Mantle, Galaxy, Hack VC, ViaBTC Capital, Amber, and HTX Ventures. This significant funding comes after Babylon raised $18 million last year.

Babylon was founded with the vision of using Bitcoin to secure decentralized systems, and is moving forward to establish a “Bitcoin-secured decentralized world.”

This new financing will support the development of Babylon’s innovative Bitcoin Staking protocol, which allows various PoS systems like PoS chains, Layer 2 solutions, Data Availability layers, and oracles to utilize Bitcoin as a staking asset.

“The breakthrough of holders being able to stake their bitcoin while keeping their keys intact is a major achievement. Babylon has successfully solved a challenging problem,” stated Alasdair Foster, CEO of Bullish Capital.

Babylon stands out in the cryptocurrency space due to its modular design and unique slashing functionality. By incorporating Bitcoin into active staking mechanisms, Babylon aims to improve the economic and security models of PoS systems worldwide.

“By introducing Bitcoin as a staking asset, we not only tap into its market cap exceeding $1 trillion, but also aim to alleviate the inflationary pressures faced by native PoS tokens,” explained the company.

David Tse, Co-founder of Babylon, emphasized that this strategic move is meant to “accelerate our mission to make Bitcoin the security backbone of PoS systems.”

Edward, Managing Partner at HTX Ventures, highlighted Babylon’s trustless platform design as a key innovation, unlocking new possibilities for Bitcoin and paving the way for innovative Bitcoin-native applications.

Babylon recently achieved a significant milestone with the launch of the world’s first trustless Bitcoin staking testnet in February 2024, attracting over 100,000 stakers within the first 48 hours.

Read Also: Play AI Raises $4.3M Seed Funding to Build a Modular Chain for Gaming AI

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