Bitcoin Project Babylon Raises $18M to Bolster Development of Staking Protocol

The fundraise was led by Polychain Capital and Hack VC and included contributions from Framework Ventures, Polygon Ventures, Castle Island Ventures and OKX Ventures.

AccessTimeIconDec 7, 2023 at 2:00 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Bitcoin-focused project Babylon raised $18 million in an investment round led by Polychain Capital and Hack VC.

Babylon is a marketplace offering bitcoin (BTC) as a staking asset, allowing proof-of-stake chains to acquire funding from the swells of capital stored in the largest cryptocurrency. Babylon will use the funds to advance the development of the staking protocol, according to an emailed statement shared with CoinDesk on Thursday.

The aim of the project is "to build a Bitcoin-secured decentralized world" by converting all 21 million BTC that will ultimately exist into a decentralized staking asset, Babylon said. Almost 19.6 million bitcoins are currently in circulation.

Framework Ventures, Polygon Ventures, Castle Island Ventures, OKX Ventures, Finality Capital, Breyer Capital and Symbolic Capital also participated in the fundraise.

Proof-of-stake is a mechanism employed by blockchains whereby validators of transactions are chosen based on how much of a "stake" they have in the network. Staking refers to locking up assets to participate in running a blockchain network and maintaining its security in return for yield.

Edited by Sheldon Reback.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.