🌜The fundraising was led by Polychain Capital and Hack VC and included contributions from Framework Ventures, Polygon Ventures, Castle Island Ventures and OKX Ventures. Babylon is a marketplace that offers Bitcoin (BTC) as a staking asset, allowing proof-of-stake networks to receive funding from capital stored in the largest cryptocurrency. The project aims to "build a decentralized world secured by Bitcoin" by turning all 21 million BTC that will eventually exist into a decentralized staking asset, Babylon said. There are now almost 19.6 million bitcoins in circulation.
⚱️Proof-of-stake is a mechanism used by blockchains where transaction validators are chosen based on how much "stake" they have in the network. Staking means locking up assets to participate in managing the blockchain network and maintaining its security in exchange for income.
💴Framework Ventures, Polygon Ventures, Castle Island Ventures, OKX Ventures, Finality Capital, Breyer Capital and Symbolic Capital also participated in the fundraising. Proof-of-stake is a mechanism used by blockchains where transaction validators are chosen based on how much "stake" they have in the network. Staking means locking up assets to participate in managing the blockchain network and maintaining its security in exchange for income.
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