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

SEC Proposes New Custody Framework for Crypto Assets

The SEC has proposed a new custody framework for investment advisers and registered funds dealing with crypto assets, allowing for potential self-custody and the use of state trust companies as custodians.

user avatarArif Mukhtar

FINMA Approves First Swiss Retail Bitcoin ETF

Switzerland's financial regulator, FINMA, has approved its first retail ETF that invests directly in Bitcoin, allowing retail investors to gain regulated exposure to Bitcoin.

user avatarMaria Gutierrez

EIP7906 Proposal Considered for Enhancing Ethereum Transaction Safety

The Ethereum Foundation is considering EIP7906, which proposes a readonly post-transaction frame to evaluate changes and events before accepting transaction outcomes.

user avatarDavid Robinson

Ethereum Foundation Investigates Enhancements to Transaction Safety

Researchers at the Ethereum Foundation are examining native transaction assertions to enhance transaction safety and reliability in digital asset markets.

user avatarAndrew Smith

Ethereum Developers Delay Glamsterdam Upgrade on Hoodi Testnet

Ethereum developers have postponed the Glamsterdam upgrade initially scheduled for the Hoodi testnet on October 26, with no new activation date provided.

user avatarJacob Williams

Samsung and Solana to Enable Cross-Border USDC Transfers in Samsung Wallet

Samsung and Solana announced plans to integrate cross-border USDC transfers into Samsung Wallet, targeting 82 million US Galaxy devices.

user avatarZainab Kamara

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.