Babylon Raises $18 Million in Series A Funding for Bitcoin Stake Protocol

The Babylon stake protocol, which is currently being developed, announced that it has raised $18 million in a joint Series A financing round led by Polychain Capital and Hack VC. According to Babylon’s announcement on December 7th, other investors in the round include Framework Ventures, Polygon Ventures, Castle Island Ventures, OKX Ventures, and Symbolic Capital.

Notable Statements from David Tse

David Tse, co-founder of Babylon and engineering professor at Stanford University, stated that the project began raising funds for the round at the end of July and that the process has now concluded. Tse explained that this round is a similar structure to Babylon’s announced $8 million seed financing round in March. He refrained from commenting on Babylon’s valuation in this round.

The Babylon protocol will allow Bitcoin holders to stake their assets in a proof-of-stake blockchain network and earn returns. The protocol will essentially allow PoS chains to introduce a stake presence in the Bitcoin ecosystem. Babylon aims to use Bitcoin’s security measures to enhance the security of PoS chains.