Babylon , a company that aims to build a Bitcoin-secured decentralized world, secures $70million in funding. With participation from Bullish Capital, Polychain Capital, and additional investors, Paradigm led the round.
The money will be used by the business to increase its development activities.
Babylon is a blockchain project created in 2022 by Dr. Fisher Yu and Stanford Professor David Tse that creates security sharing protocols for a decentralised society.
It makes use of Bitcoin’s three main features—its asset, its timestamping service, and its world’s most censorship-resistant blockspace—to do this. Babylon is creating three security-sharing protocols—the Bitcoin Staking Protocol, the Bitcoin Timestamping Protocol, and the Bitcoin Data Availability Protocol—to take advantage of these features.
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Babylon Proof-of-Stake (“PoS”) systems, including PoS chains, L2s, Data Availability (DA) layers, oracles, etc., can obtain staking capital from bitcoin thanks to the Bitcoin Staking protocol. The protocol will allow PoS systems to adopt bitcoin as a staking asset and benefit from superior crypto-economic security than native tokens can offer because to its modular architecture and slashing functionality.
Significant turning points in Babylon’s history have included the introduction of the first trustless Bitcoin staking testnet in the world in February 2024. In less than 48 hours, the testnet attracted over 100,000 stakers, demonstrating the platform’s ability to transform Bitcoin into the foundation of PoS systems’ security.
About Babylon
Babylon, they see a world in which Proof-of-Stake (PoS) chains coexist peacefully with Bitcoin. Their goal is to create a decentralised society powered by Bitcoin by advancing the cryptocurrency to become a reliable security foundation for proof-of-work chains, generating profits for its owners, and promoting a decentralised, safe, and interconnected economy.
