PANews reported on May 30 that according to Muyao Shen, citing Bloomberg Terminal, Bitcoin staking project Babylon raised $70 million in the latest round of financing, led by Paradigm. Other information has not been disclosed.

It is reported that Babylon introduced the concept of native Bitcoin staking for the first time, allowing users to stake Bitcoin for the PoS blockchain and earn returns without the need for third-party custody, bridging solutions or packaging services. It provides adjudicable economic security guarantees for the PoS chain while ensuring efficient unbinding of pledges and enhancing liquidity for Bitcoin holders. Babylon is built on the Cosmos SDK, providing Bitcoin timestamp services for the PoS chain and serving as a control plane to synchronize the Bitcoin network with the PoS chain.

According to previous news, Babylon announced the completion of its $18 million Series A financing in December last year, led by Polychain Capital and Hack VC. In February this year, Babylon received investment from Binance Labs.