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

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. Proof-of-stake is a mechanism employed by blockchains.

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