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Binance Labs invested in the Babylon protocol
Binance Labs invested in the Babylon protocol
27.02.2024
4 min
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Binance Labs has invested in the Babylon protocol. News title collage.
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Serhii Pantyukh
Author of the article
The Babylon project has held a new round of financing.
He received an undisclosed amount from Binance Labs.
In December 2023, Babylon raised $18 million in investments.
Binance Labs, the venture arm of the crypto exchange, announced an investment in the Babylon protocol.
Weâve invested in @babylon_chain!
Babylon is a blockchain project that designs security sharing protocols with a mission of scaling Bitcoin to secure the decentralized economy.
Read moređhttps://t.co/9f5c2vt38S
â Binance Labs Fund (@BinanceLabs) February 27, 2024
Binance Labs did not disclose the exact amount of funding. It is known that in December 2023, the project attracted $18 million in investments from Polychain Capital, Hack VC, OKX Ventures and other companies. In addition, Babylon received $8 million from IDG Capital and Breyer Capital in March.
The project is a Bitcoin staking protocol. Users can place assets on blockchains based on the Proof-of-Stake (PoS) consensus mechanism and receive income for it.
As noted by Binance Labs, the protocol is aimed at reducing inflationary pressure in PoS blockchains. In addition to this, it provides Bitcoin holders with the opportunity to earn additional profits in a secure and decentralized way.
âBitcoin staking is a fundamentally new use case for a digital asset in the industry. It marks a significant step in the integration of blockchain with the Proof-of-Stake economy. Binance Labsâ investment in Babylon reflects our commitment to supporting innovative projects related to the expansion of Bitcoin,â said Binance Co-Founder and Head of Binance Labs, Yi He.
It is reported that the protocol was created based on the Cosmos SDK software package. The project is led by a team of experienced Stanford engineers and specialists. Babylon's main mission is to scale Bitcoin to secure the decentralized economy.
âThe Bitcoin staking protocol unites the entire blockchain industry. We are excited to support Binance Labs in building the expansive Babylon ecosystem,â added protocol co-founder David Tse.
This is not Binance Labs' first investment in 2024. Earlier, the venture fund announced support for the Renzo project and the Puffer Finance liquid staking protocol. In addition, the company has selected three projects to participate in the incubation program: NFPrompt, Ethena Labs and Shogun.
