Babylon has received $70 million in funding led by Paradigm to develop a decentralized bitcoin-backed economy.This shows that significant progress has been made in the development of crypto-infrastructure.
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Babylon has received $70 million in funding led by Paradigm to develop a decentralized bitcoin-backed economy. This shows that significant progress has been made in the development of crypto-infrastructure.
Babylon, a #bitcoin mining company, has raised $77,000 million in a funding round led by Paradigm. Other investors include bullish capital, poly Chain capital and Galaxy. These investments are aimed at achieving Babylon's goal of creating a decentralized bitcoin-protected economy. Their protocol allows various proof・of・stake (PoS) systems to receive stable funds from bitcoin.
PitchBook analyst Robert Le noted that infrastructure projects are now attracting more venture capital. He pointed to the high cost of transactions on platforms such as Base as evidence that #blockchain infrastructure is still developing. "The infrastructure is still underdeveloped," he said, emphasizing the need for growth in this area.
Paradigm's Arjun Balaji emphasized the importance of win-win betting for Bitcoin and the ecosystem as a whole. He praised Babylon for being "at the forefront of Bitcoin innovation" and expressed confidence that it can move the cryptocurrency industry forward.
There have been several funding announcements this week, with Farcaster raising £15,000 after that. Farcaster is known for its decentralized social network. Neynar, Farcaster's social app development platform, has also raised $11,100 million from Haun Ventures and #Coinbase .
Other notable funding news includes OpenSocial, which has completed an initial £500 million funding round of £1 million in 2024. DeFi's platform, Aperture, announced a ¥1,200 million Series A investment, raising ¥25,000. The round will include investments from Skyland Ventures and Blockchain Founders Fund.
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