Bittime - staking protocol Babylon received a fresh $70 million cash injection to build infrastructure that allows proof-of-stake (PoS) systems to utilize Bitcoin as a staking asset.
Babylon Receives Large Disbursement of Funds
Babylon, a Bitcoin staking protocol, has secured $70 million in funding in its latest round led by venture capital firm Paradigm. Other participants in the round include Bullish Capital, Polychain Capital, Hashkey Capital, Mantle, Galaxy, Hack VC, ViaBTC Capital, Amber, and HTX Ventures.
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Leveraging Bitcoin for PoS Network Security
Babylon focuses on building infrastructure that allows proof-of-stake (PoS) systems to use Bitcoin as a staking asset. The platform uses a modular design and slashing functionality to integrate Bitcoin as a staking and restaking asset on various staking-based systems, such as blockchain , Layer 2 , Data Availability (DA) layer, and oracle.
Babylon's Mission: Improve the Security and Usability of Bitcoin
"These funds will accelerate our mission to make Bitcoin the security backbone of PoS systems," said David Tse, co-founder of Babylon. "Our team is committed to increasing Bitcoin's usability beyond its traditional functions and strengthening the security of the entire blockchain ecosystem."
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Previous Funding Rounds and Future Prospects
In February 2024, Binance Labs, the investment division of crypto exchange Binance, injected funds into Babylon for an undisclosed amount. The day before, Babylon launched a public testnet with NFT pass prizes.
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In December 2023, Polychain Capital and Hack VC led an $18 million Series A funding round. Polychain's participation again in Babylon's latest funding round shows their confidence in the potential of new use cases for Bitcoin.
"Polychain is pleased to increase our investment in Babylon," said Luke Pearson, General Partner of Polychain Capital. "We are aligned with the vision to unlock Bitcoin's potential to drive the decentralized security market through Babylon's trustless design. Babylon will be the catalyst that redefines the usability of BTC and paves the way for a new era of Bitcoin-based applications."
Bitcoin price is currently at $68,610, up 1.3% in the last 24 hours, as of May 30, 2024 at 10:41 AM ET (14:41 UTC) according to The Block Prices.
How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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