Babylon Bitcoin Staking Protocol Secures $18 Million in Investments
Date: 2023-12-07 Author: Dima Zakharov Categories: BLOCKCHAIN
Babylon, a project dedicated to enabling BTC staking within PoS systems, has attracted a range of investors, including Framework Ventures, Polygon Ventures, Castle Island Ventures, OKX Ventures, and Symbolic Capital. The funding round, which included both equity warrants and tokens, commenced in late July and recently concluded. In March, the project raised $8 million in seed investments.
Babylon's mission is to empower users to stake BTC and generate income while contributing to the security of various blockchains. The project is actively engaged in discussions with representatives from Cosmos Hub and Polygon to expand its reach and impact.
According to David Tse, co-founder of Babylon, the protocol's launch is expected to coincide with the next Bitcoin halving event. The funds raised will be utilized to expand the development team and further enhance the ecosystem.
It's worth noting that in November, venture investments in the cryptocurrency sector surged by 179%, rising from $430 million to $1.2 billion compared to October, underlining the growing interest and support for projects like Babylon.
