Babylon, an initiative to create a Bitcoin-secured decentralized world, has successfully concluded a $70 million investment round led by Paradigm.
This funding round will advance Babylon’s goal of enabling a decentralized Bitcoin-secured economy. Polychain Capital and Bullish, the venture arm of the cryptocurrency exchange, contributed to the funding round.
David Tse, Babylon’s co-founder, expressed excitement at the confidence shown by Paradigm, Bullish Capital, Polychain Capital, and other investors. This funding will speed up their mission to make Bitcoin the security backbone of proof-of-stake systems, advancing its utility and enhancing blockchain security.
Babylon provides BTC as a staking asset to enable PoS chains to obtain funding from the deep reserves held in Bitcoin (BTC). The project aims to increase the usefulness of the billions of dollars worth of Bitcoin that would otherwise be languishing in users’ wallets by giving them something in return.
The funding round saw substantial contributions from prominent entities such as HashKey Capital, Hack VC, Galaxy Digital, IOSG Ventures, Breyer Capital, Amber Group, Mantle Ventures, HTX Ventures, ViaBTC Capital, LD Capital, and imToken.
This investment round comes after a December $18 million fundraising campaign.
Also Read: Babylon Launches Testnet for Trustless Bitcoin Staking
