Bitcoin Project Babylon Raises $18M to Bolster Development of Staking Protocol
Summary
Bitcoin-focused project, Babylon, has raised $18 million in a funding round led by Polychain Capital and Hack VC. The platform lets proof-of-stake chains acquire funding by offering Bitcoin as a staking asset, thus tapping into the significant wealth stored in the largest cryptocurrency. Babylon said the funds will be used to further develop its staking protocol, with the objective to convert all 21 million Bitcoin into a decentralized staking asset. Other participants in the funding round included Framework Ventures, Polygon Ventures, Castle Island Ventures, OKX Ventures, Finality Capital, Breyer Capital, and Symbolic Capital.
