Babylon successfully attracted $18 million in investments

Babylon successfully attracted $18 million in investments

user avatar

by Max Nevskyi

3 years ago


Babylon's Bitcoin staking protocol successfully completed its Series A funding round, attracting an impressive $18 million, as reported by the analytical platform CryptoRank. Polychain Capital, leading the investor group, played a pivotal role in this successful funding stage. Additionally, prominent financial players such as Hack VC, Framework Ventures, Polygon Ventures, Castle Island Ventures, OKX Ventures, and Symbolic Capital joined the investment round.

The fundraising initiative, initiated in July 2023 and concluded on December 7, 2023, marked a significant milestone for Babylon. This innovative Bitcoin staking protocol allows users to stake assets on Proof-of-Stake blockchains, generating a stable income. The Babylon team is actively integrating the protocol into the Cosmos Hub and Polygon ecosystems to enhance the security of emerging blockchains.

Sandeep Nailwal, co-founder of Polygon, emphasized the importance of integrating Babylon into the Polygon CDK network. This integration will not only bolster network security but also help reduce the inflationary pressure often associated with traditional staking methods.

Babylon's representatives have ambitious plans to launch their protocol around the time of the next Bitcoin halving, expected in April 2024. This move promises to bring significant changes to the cryptocurrency staking landscape and increase interest in this innovative project.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Other Crypto Funds Experience Significant Withdrawals

Other cryptocurrency ETF categories, including Solana and XRP, recorded significant withdrawals, indicating a broader trend of selling pressure.

user avatarSatoshi Nakamura

MEGA Plans AI Marketplace Launch for December

MEGA is set to launch an AI inference marketplace in December, allowing customers to access services from various AI model providers.

user avatarNguyen Van Long

MEGA Reduces Workforce to Shift Focus to AI Products

MEGA has laid off 20 employees as part of a restructuring to expand into artificial intelligence, moving beyond its blockchain infrastructure.

user avatarKofi Adjeman

Institutional Withdrawals from Crypto ETFs Reach Over $1 Billion

Institutional demand for crypto ETFs has weakened significantly, with US spot Bitcoin ETFs experiencing over $1 billion in withdrawals for the second consecutive week.

user avatarJesper Sørensen

Ethereum Staking Hits Record Levels Despite Price Drop

Ethereum's staking rate has surged to an all-time high of 36.3% of total supply, even as the price of ETH has fallen to around $2,000.

user avatarRajesh Kumar

Jane Street Boosts Bitcoin ETF Holdings Amid Market Changes

Jane Street has significantly increased its stake in major Bitcoin ETFs, particularly in Fidelity's Wise Origin Bitcoin Fund, reflecting strong client demand and trading activity in the Bitcoin market.

user avatarLucas Weissmann

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.