Babylon Secures $18 Million Investment to Enhance Bitcoin Staking Protocol.

Babylon The Bitcoin staking protocol, which is currently being developed, successfully raised $18 million, with key investments from Polychain Capital and Hack VC, as well as contributions from Framework Ventures and Polygon Ventures. These funds will focus on team expansion and ecosystem growth. OKX Ventures Designed to allow Bitcoin holders to stake their assets on proof-of-stake blockchains, the Babylon protocol enables them to earn rewards. In other words, it makes it possible for proof-of-stake chains to accept Bitcoin as a staking asset.

This initiative aims to bolster the security of proof-of-stake chains. Unlike many current proof-of-stake systems that depend on their native tokens for security, Babylon seeks to offer a more budget-friendly solution, particularly beneficial for newer chains grappling with high inflation that makes attracting significant staking capital challenging.

Babylon aims to leverage Bitcoin’s Babylon’s staking service seamlessly integrates with cutting-edge technology, with the ambition of broadening Bitcoin's utility beyond just being a store of value. David Tse, the founder of Babylon, identifies potential interest from Bitcoin holders, despite some resistance in the Bitcoin community to novel uses of the asset.

The staking service is expected to launch in April 2024, following the test network's rollout in January 2024. The activation of the main network will be contingent upon the outcomes of the security audit for the Babylon test network. Bitcoin Ordinals Once operational, the Babylon chain protocol will act as the intermediary between Bitcoin and proof-of-stake networks.

Advancing the Future of Decentralized Security.

The round of funding that began in late July has now reached completion, utilizing an equity-plus-token warrant framework, similar to an earlier $8 million seed round led by IDG and Breyer Capital this year.

The vision is to establish a 'Bitcoin-secured decentralized world' by transforming all 21 million Bitcoins—the total supply—into a decentralized staking asset. Presently, about 19.6 million Bitcoins are in circulation.

With the acquisition of $18 million in funding, the Babylon protocol is moving closer to allowing Bitcoin holders to stake their coins on proof-of-stake blockchains, boosting security without the financial burdens experienced by traditional proof-of-stake networks. Set for an April 2024 launch, this protocol is a crucial step toward a Bitcoin-secured decentralized realm.

According to the project litepaper, Babylon’s objective Please be aware that the information on this page is not meant to be interpreted as legal, tax, investment, financial, or any other form of advice. Always invest what you can afford to lose, and if you have uncertainties, seek independent financial counsel. For more details, we recommend checking the issuer's or advertiser's terms and conditions as well as the support pages. MetaversePost aims for factual and unbiased reporting, but remember that market conditions can change unexpectedly.

Alisa, an experienced journalist at Cryptocurrencylistings, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive landscape of Web3. With a sharp eye on new trends and technologies, she provides thorough coverage meant to keep readers informed and engaged in the fast-changing digital finance arena.