Bitcoin (BTC) Startup Babylon Secures $70M for BTC Staking on Ethereum (ETH) and Solana (SOL).

Babylon, an innovative crypto startup, has raised $70 million in new funding to support its goal of using Bitcoin as a staking resource on other #blockchain networks. This funding round was led by leading crypto venture capital firm Paradigm, with Bullish Capital and Polychain Capital also contributing.

The Vision Behind Bitcoin Staking

Babylon aims to use #Bitcoin , the largest cryptocurrency by market cap, to verify nodes on networks such as #Ethereum and Solana. This innovative approach aims to expand uses of Bitcoin beyond its traditional roles and increase the security of the entire blockchain ecosystem. “Our team is dedicated to advancing the use of Bitcoin and improving the security of the blockchain ecosystem,” said Babylon founder David Tse.

Currently, Bitcoin operates on a proof-of-work system, which is an expensive and energy-intensive system that requires a large amount of computer power. In contrast, proof-of-stake allows participation by anyone who wants to power a crypto network by “locking up” their assets. This method is used by networks such as Ethereum, Solana and Cardano.

Babylon's approach is to allow #Bitcoin holders to earn returns by pledging their funds to staking networks. This bold initiative is backed by a team led by a Stanford professor and former Dolby engineer. Last year, Babylon raised $18 million from investors and laid the groundwork for its current ventures.
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