Bitcoin project Babylon has raised $70 million in funding to advance its plans to build staking on the world’s largest blockchain.
The funding round was led by Paradigm and included contributions from Polychain Capital and the venture arm of crypto exchange Bullish (also CoinDesk’s parent company).
Babylon offers bitcoin (BTC) as a staking asset, allowing proof-of-stake chains to acquire funding from the deep reserves stored in BTC.
The aim of the project is to enhance the utility of the billions of dollars worth of bitcoin otherwise sitting idle in user’s wallets through providing them with yield.
The latest funding round follows an $18 million raise in December.
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Edited by Stephen Alpher.
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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 employees, including journalists, may receive options in the Bullish group as part of their compensation.
Jamie Crawley is a CoinDesk news reporter based in London.
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