Bittime - Bitcoin staking protocolBabylon has successfully raised $70 million in a funding round led by venture firm Paradigm. Participation in this investment round also came from Bullish Capital, Polychain Capital, Hashkey Capital, Mantle, Galaxy, Hack VC, ViaBTC Capital, Amber, and HTX Ventures.
Babylon Mission for a Decentralized Economy
The Babylon platform plans to use this new capital to carry out its mission of building a secure decentralized economy with Bitcoin. This protocol enables various proof-of-stake (PoS) systems, such as PoS chains, layer-2 solutions, data availability layers, and oracles, to use Bitcoin as a staking asset.
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By using Babylon's modular design and slicing functionality, PoS systems can enhance cryptoeconomic security far beyond what their native tokens offer. According to Babylon, this approach could unlock more than $1 trillion in Bitcoin ecosystem value, significantly reducing inflationary pressures on PoS chains while increasing financial utility for Bitcoin holders.
Support from Famous Investors
David Tse, co-founder of Babylon, expressed his excitement over the investment. “We are very pleased with the confidence shown by Paradigm, Bullish Capital, Polychain Capital and other investors,” he said. “This funding will accelerate our mission to make Bitcoin the security backbone of PoS systems.”
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Paradigm's Role in Crypto Funding
Paradigm's role in fundraising is very important. This research-based technology investment company has been actively involved in the crypto investment space. Earlier this year, Bloomberg reported on Paradigm's lead role in a significant funding round for Merkle Factory, the company behind the Farcaster network.
Also read: Bitcoin Staking: A More Profitable Layer-2 Alternative
Valued at around $1 billion, Farcaster raised $150 million with Paradigm at the helm, along with A16z Crypto, Haun Ventures, USV, Variant, Standard Crypto and others. In April, Paradigm also announced plans to raise a new fund for crypto investments, with a target of reaching $850 million as the digital asset industry continues to recover.
Momentum in the Cryptocurrency Sector
The fundraising marks Paradigm's largest since 2021, when the company raised $2.5 billion for a crypto fund, a record at the time until surpassed by Andreessen Horowitz's $4.5 billion crypto investment fund in May 2022. Other venture capitalists, including a16z, Hack VC, and Hivemind, are also involved in fundraising activities, with amounts ranging from $50 million to $150 million, reflecting new momentum in the cryptocurrency sector.
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With strong funding and support from top investors, Babylon is on track to transform the way PoS systems secure their networks, leveraging the power and value of Bitcoin.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on 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.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Staking Bitcoin Money Just Got Easier! pSTAKE Collaborates with Babylon
Babylon Launches Testnet for Trustless Staking Bitcoin
Staking Bitcoin (BTC) Via OKEx Jumpstart with RUNECOIN
BTC Staking vs. Bitcoin Trading: Which is More Profitable?
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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