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Funding Triumph
Babylon, an innovative bitcoin staking protocol, has triumphantly raised $18 million in a Series A funding round. This funding effort, initiated in July and co-led by Polychain Capital and Hack VC, garnered support from investors like Framework Ventures, Polygon Ventures, Castle Island Ventures, OKX Ventures, and Symbolic Capital. The protocol is forging ahead to enable bitcoin holders to stake their assets on proof-of-stake (PoS) blockchains, with the overarching goal of bolstering the security of PoS networks through the utilization of Bitcoin's inherent security features.
Key Highlights
Financial Backing: The Series A round builds upon Babylon's earlier success, following an $8 million seed funding round in March. However, specific details about the valuation post-Series A remain undisclosed.
Protocol's Mission: Babylon's core function revolves around facilitating the staking of bitcoin on PoS blockchains, providing these networks with the capability to integrate bitcoin as a staking asset. This strategic approach aims to elevate the overall security posture of PoS ecosystems, tapping into the robust security framework inherent in Bitcoin.
Versatility in Use: Babylon is already in active discussions to support prominent PoS networks like the Cosmos Hub and Polygon. Through seamless integration into Polygon's staking hub, Babylon addresses concerns related to inflation within traditional staking models.
Launch Timeline: The protocol is gearing up for an anticipated launch "around the next Bitcoin halving," slated for April 2024. Upon launch, Babylon will function as the pivotal control plane bridging Bitcoin and PoS chains.
Strategic Growth Plans: With the injection of fresh capital, Babylon is strategically planning to expand its current team, consisting of approximately 15 members. Furthermore, the funding will be instrumental in fostering ecosystem growth and development.
