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 Cache 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, caches will be stored in your inventory and can be opened with Keys.

Other news

Bitcoin Red Team Established to Tackle AI-Driven Security Threats

chest

The Bitcoin Red Team has been established to proactively identify AI-assisted security vulnerabilities in the Bitcoin ecosystem.

user avatarTando Nkube

TON Validators Prepare for Configuration Vote on New Collator Architecture

chest

TON validators are updating their node software and mytonctrl tooling for a configuration vote on a new collator architecture scheduled for August 21 at 0800 UTC.

user avatarKofi Adjeman

Aave's EMode: Efficiency and Risk in DeFi Lending

chest

Aave's EMode feature allows for efficient borrowing among correlated assets but also increases the risk of liquidation during market stress.

user avatarSatoshi Nakamura

Avalanche Surpasses $3 Billion in Tokenized Real-World Assets

chest

Avalanche's tokenized real-world asset value has surpassed $3 billion, marking a significant milestone in its development as a platform for institutional finance.

user avatarNguyen Van Long

Aave's Debt Concentration Raises Concerns Amid Ethereum Volatility

chest

Aave's debt profile shows that a small number of loan positions account for a significant portion of its total outstanding debt, raising concerns about risk concentration.

user avatarJesper Sørensen

Shift in Airdrop Strategy Reflects Changing Market Dynamics

chest

Optimism's decision to reallocate tokens indicates a shift away from broad airdrops towards more strategic ecosystem investments.

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.