Bitcoin Staking Protocol Babylon Raises $70M in Funding

According to reports from The Block, Babylon, the Bitcoin staking protocol, has managed to raise $70 million in funding, with Paradigm leading the funding round.

Apart from Paradigm, the investment round saw participation from Bullish Capital, Polychain Capital, Hashkey Capital, Mantle, Galaxy, Hack VC, ViaBTC Capital, Amber, HTX Ventures, and other entities as highlighted in the company's press release.

Babylon specializes in constructing infrastructure that enables proof-of-stake systems to access staking capital from Bitcoin. Employing a modular design and slashing functionality, Babylon paves the way for stake-based systems including blockchains, Layer 2s, DA layers, and oracles to incorporate Bitcoin as a staking and restaking asset.

David Tse, co-founder of Babylon, mentioned that this funding will expedite their mission of establishing Bitcoin as the security backbone of PoS systems. He stressed the team's dedication to expanding the utility of Bitcoin beyond its conventional roles and improving the security of the entire blockchain ecosystem.

Previously, Binance Labs, the venture arm of Binance, had made an undisclosed investment in Babylon on February 28. Babylon had recently launched its public testnet with NFT pass rewards. Additionally, Polychain Capital and Hack VC co-led a Series A funding round, raising $18 million in December 2023.