Bitcoin staking protocol Babylon has successfully raised $70 million in a funding round led by Paradigm. Bullish Capital, Polychain Capital and others participated in the round. Babylon plans to use these funds to create a decentralized economy backed by Bitcoin. The platform allows various proof-of-stake (PoS) systems to use Bitcoin as a staking asset. 😊

According to Babylon co-founder David Tse, this funding will accelerate their mission to make Bitcoin a secure foundation for PoS systems.

Paradigm continues to actively invest in cryptocurrencies, having previously participated in large funding rounds for Merkle Manufactory and Farcaster.