Babylon secures an impressive $18 million in its latest investment round, spearheaded by industry giants Polychain Capital and Hack VC.
At its core, Babylon is a pioneering marketplace offering Bitcoin (BTC) as a premier staking asset. This innovative approach allows proof-of-stake chains to tap into the vast reservoirs of capital stored within the world’s leading cryptocurrency. With these fresh funds, Babylon is poised to propel the development of its staking protocol to unprecedented heights, as outlined in a recent statement shared exclusively with CoinDesk.
The project’s vision is audacious yet unequivocally clear: to forge a decentralized world fortified by Bitcoin. Babylon’s ambitious mission aims to transform the entire supply of Bitcoin—21 million in total—into a decentralized staking asset. With nearly 19.6 million bitcoins already in circulation, the project stands on the brink of revolutionizing the staking landscape.
Joining forces in this landmark fundraising effort are esteemed investors including Framework Ventures, Polygon Ventures, Castle Island Ventures, OKX Ventures, Finality Capital, Breyer Capital, and Symbolic Capital.
Proof-of-stake stands as the cornerstone of Babylon’s revolutionary approach, where validators wield influence based on their vested stake in the network. Through staking, participants lock up assets to actively contribute to the operation and security of blockchain networks, all while reaping substantial yields.