Babylon Raises $70M to Build Bitcoin-Secured Decentralized World

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Cointime2024/05/31 01:49

By:Cointime

Blockchain project Babylon, founded in 2022 by Stanford Professor David Tse and Dr. Fisher Yu, has raised $70 million in funding led by Paradigm and with participation from Bullish Capital and Polychain Capital. The Palo Alto-based company plans to use the funds to expand its development efforts to build a Bitcoin-secured decentralized world. Babylon is developing three security-sharing protocols, including the Bitcoin Staking Protocol, which enables Proof-of-Stake systems to acquire staking capital from Bitcoin and enjoy higher crypto-economic security. The platform's potential was demonstrated in February 2024 with the launch of the world's first trustless Bitcoin staking testnet, which saw over 100,000 stakers within 48 hours.

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