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

Project Eleven and Quantus Collaborate on Strongpoint for Future Crypto Custody

Project Eleven has partnered with Quantus to enhance crypto custody solutions through the integration of the Quantus Network into Strongpoint, targeting support for post-quantum cryptography by Q1 2027.

user avatarRajesh Kumar

Sui and Alibaba Cloud Collaborate on AI Agent Payment Integration

Sui and Alibaba Cloud are developing a payment model for AI agents to autonomously pay for cloud services using stablecoins.

user avatarLucas Weissmann

Moscow Exchange to Launch Cryptocurrency Trading on December 1

Moscow Exchange is set to begin offering cryptocurrency trading on December 1, 2023, following a new regulatory framework in Russia.

user avatarFilippo Romano

OSL Group Launches Tokenized USDGO Plus SP Fund

OSL Group has successfully tokenized the USDGO Plus SP fund, providing custody and distribution through its licensed platform in Hong Kong.

user avatarEmily Carter

PowerCompute Increases Bitcoin Production While Reducing Debt

PowerCompute mined 81 BTC in September 2023, a 37 BTC increase from last year, while reducing its secured debt from $237 million to $125 million.

user avatarKaterina Papadopoulou

NextBlock Fully Funds Soda Labs' Seed Round with $3 Million Investment

NextBlock has invested $3 million in Soda Labs, fully funding the company's seed round to develop privacy infrastructure for financial applications.

user avatarTomas Novak

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.