May 30, 2024
The Bitcoin staking protocol Babylon secured $70 million in funding, with Paradigm leading the investment. Other participants included Bullish Capital, Polychain Capital, Hashkey Capital, Mantle, Galaxy, Hack VC, ViaBTC Capital, Amber, and HTX Ventures. Babylon's infrastructure enables proof-of-stake systems to access staking capital from Bitcoin.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Babylon | $70M | May 31, 2024 | Series A+ | $88M+ | Paradigm | Staking |
Co-founder David Tse emphasized that this funding will further their mission to establish Bitcoin as the security backbone for PoS systems, enhancing the overall security of the blockchain ecosystem.
Babylon, received previous funding from Binance Labs, the venture arm of the crypto exchange Binance. The investment amount remains undisclosed, and it occurred on February 28. Babylon had recently launched its public testnet, which included NFT pass rewards.
In December 2023, Polychain Capital and Hack VC co-led a Series A funding round for Babylon, raising $18 million.
Polychain Capital’s renewed participation in Babylon’s latest funding round is driven by the potential of a new use case for Bitcoin, the world’s largest cryptocurrency by market capitalization. Polychain Capital General Partner Luke Pearson expressed excitement about doubling down on their investment in Babylon. The firm shares Babylon’s vision of unlocking Bitcoin’s potential to enhance the decentralized security market through its trustless design. Babylon aims to redefine BTC’s utility and pave the way for a new era of Bitcoin-native applications.
As of May 30, Bitcoin’s value stood at $68,610, reflecting a 1.3% increase in the past 24 hours.
About Babylon
Babylon is a Bitcoin staking protocol that aims to extend the functionality of Bitcoin beyond its traditional role as a digital store of value. By enabling the use of dormant Bitcoin in proof-of-stake (PoS) blockchains, Babylon enhances the security and operational efficiency of these networks. The project’s goal is to unlock the utility of the billions of dollars’ worth of Bitcoin that would otherwise remain idle in users’ wallets. By providing yield opportunities for Bitcoin holders, Babylon encourages active participation in PoS validation while enhancing the overall security of these networks.
Babylon’s innovative approach leverages Bitcoin’s latent potential to enhance PoS security, liquidity, and adoption. As the crypto landscape evolves, projects like Babylon play a crucial role in maximizing the utility of existing assets while driving innovation.
Website: https://babylonchain.io/
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About Investor
Investor: Paradigm
Description: Paradigm is a research-driven technology investment firm that focuses on crypto and related technologies at the frontier. Paradigm takes a deeply hands-on approach to help projects reach their full potential. This includes technical aspects such as mechanism design, security, and engineering, as well as operational aspects like recruiting, go-to-market strategies, and legal and regulatory considerations.
Location: San Francisco, USA
Website: https://www.paradigm.xyz/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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