Binance Labs Makes Strategic Investment in Babylon Protocol to Propel Bitcoin Staking Forward
In Brief
The innovative Bitcoin staking framework known as Babylon has secured funding from Binance Labs, which will aid its development just before its anticipated launch.
The investment arm and incubation channel of the cryptocurrency platform Binance, Binance Labs has backed the Bitcoin (BTC) staking project Babylon . The exact amount invested has not been revealed.
Babylon stands at the cutting edge of bringing native Bitcoin staking to life, allowing users to stake their bitcoins for Proof-of-Stake (PoS) blockchain projects. This method enables individuals to earn rewards without relying on third-party custodial services, bridging solutions, or token wrapping. The protocol also provides slashing economic security assurances to PoS networks while improving the liquidity process for Bitcoin holders by streamlining stake unbonding.
“The introduction of Bitcoin staking opens up a vital new application for the industry, representing a major advancement in the fusion of Bitcoin with the PoS ecosystem. Binance Labs' investment in Babylon underscores our dedication to fostering groundbreaking projects that propel the Bitcoin narrative and broaden its usage,” stated Yi He, Co-Founder of Binance and Head of Binance Labs.
Utilizing the open-source Cosmos SDK designed for PoS blockchains, the Babylon chain delivers Bitcoin timestamping capabilities to PoS networks and acts as a coordination layer for synchronization between Bitcoin and the PoS ecosystems. It plays a crucial role in handling BTC transactions, participating in finality processes, and monitoring validator stake data, effectively bridging the Proof-of-Work (PoW) domain of Bitcoin with PoS chains. staking Babylon Transforms Bitcoin Scaling, Launch Imminent in April
Founded in 2022 by Stanford's Professor David Tse and Dr. Fisher Yu, Babylon is on a mission to develop security-sharing protocols tailored for the decentralized economy. The initiative seeks to bolster the security of this economy by expanding Bitcoin's capabilities.
It leverages Bitcoin’s asset attributes, its reliable timestamping service, and its recognition as the most censorship-resistant blockspace available. Currently, Babylon is innovating security-sharing systems such as the Bitcoin Staking Protocol, Bitcoin Timestamping Protocol, and Bitcoin Data Availability Protocol. Last year, the Babylon team was able to secure funds from various investors, including Polychain Capital and Hack VC, through a mix of equity and token warrant rounds to expedite development. Bitcoin .
David Tse anticipates that the Babylon protocol will officially launch around the next Bitcoin halving event, slated for April 2024. Once it goes live, the Babylon chain will act as the coordination framework connecting Bitcoin with PoS networks. raised $18 million The recent backing from Binance Labs marks a pivotal step in Bitcoin staking innovation, solidifying Babylon’s status as a frontrunner in redefining the future of Bitcoin.
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Alisa, a passionate journalist at Cryptocurrencylistings, specializes in the disciplines of cryptocurrency, zero-knowledge proofs, investment strategies, and the broad domain of Web3. With her astute awareness of emerging trends and cutting-edge technologies, she delivers insightful analysis that keeps readers engaged with the fast-paced world of digital finance.
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