Bitcoin Staking Project Babylon Raises $70M Led by Paradigm

2024-05-30 19:02:14 UTC | defi.io/4h3
Funding (Gerd Altmann/Pixabay)
  • Babylon offers bitcoin as a staking asset, allowing proof-of-stake chains to acquire funding from the deep reserves stored in BTC.
  • The latest funding round follows an $18 million raise in December.

Bitcoin project Babylon has raised $70 million in funding to advance its plans to build staking on the world's largest blockchain.

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    • The funding round was led by Paradigm and included contributions from Polychain Capital and the venture arm of crypto exchange Bullish (also CoinDesk's parent company).

    Babylon offers bitcoin (BTC) as a staking asset, allowing proof-of-stake chains to acquire funding from the deep reserves stored in BTC.

    The aim of the project is to enhance the utility of the billions of dollars worth of bitcoin otherwise sitting idle in user's wallets through providing them with yield.

    The latest funding round follows an $18 million raise in December.

    Read More: Bitcoin Will Power the Next DeFi Summer

    Edited by Stephen Alpher.

    Source: www.coindesk.com

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