Bitcoin Staking Project Babylon Raises $70M Led by Paradigm
Summary
Bitcoin project Babylon has secured $70 million in funding to develop staking on the world's largest blockchain. The funding round was spearheaded by Paradigm and saw contributions from Polychain Capital and Bullish's venture arm. Babylon offers bitcoin as a staking asset, enabling proof-of-stake chains to obtain funding from BTC reserves. The project's goal is to increase the utility of the billions of dollars in bitcoin that are currently idle in user wallets by providing them with yield. This funding round comes after an $18 million raise in December.
