BABYLON’S BITCOIN STAKING PROTOCOL SECURES BINANCE LABS INVESTMENT
In a move signaling confidence in the future of Bitcoin, Binance Labs, the venture capital arm of cryptocurrency exchange Binance, has strategically backed Babylon, a groundbreaking Bitcoin staking protocol.
This significant investment underscores Binance Labs’ commitment to supporting innovative projects within the staking and restaking domains.
Babylon: Bridging Bitcoin with PoS blockchain ecosystem
Founded by David Tse, Babylon aims to bridge the gap between Bitcoin and proof-of-stake (PoS) blockchain ecosystems. By allowing Bitcoin holders to stake their coins on PoS networks, Babylon seeks to diversify Bitcoin’s utility while bolstering the security and viability of PoS networks. This innovative approach introduces a paradigm shift, potentially reducing the security costs for emerging chains.
Strategic investment and implications
While the exact size of Binance Labs’ investment remains undisclosed, it follows the structure of Babylon’s previous funding rounds, involving equity and token warrant rounds. This investment comes after Babylon’s successful Series A funding round, where it raised $18 million, co-led by Polychain Capital and Hack VC.
Notable investors in Babylon include Framework Ventures, Polygon Ventures, Castle Island Ventures, OKX Ventures, and Symbolic Capital.
The Babylon protocol, built on the Cosmos SDK, will secure its own PoS chain, making it the first PoS chain secured by the protocol. This development paves the way for BTC holders to restake their coins on other PoS networks via Babylon’s marketplace, fostering interoperability within the blockchain space.
Babylon’s roadmap and plans
With the backing of Binance Labs, Babylon aims to expand its development team and launch its mainnet phase one before the end of the year. The protocol’s launch is slated around the next Bitcoin halving, anticipated in April 2024. Upon launch, Babylon will serve as the intermediary between Bitcoin and PoS chains, functioning as the control plane.
Yi He’s perspective and industry significance
Yi He, co-founder of Binance and head of Binance Labs, emphasized the pivotal role of Bitcoin staking as a crucial use case for the industry. This investment marks a significant milestone in Bitcoin’s integration with the proof-of-stake economy. Binance Labs’ support for Babylon underscores its dedication to advancing the narrative and use cases of Bitcoin within the broader crypto ecosystem.
Redefining Bitcoin’s role
Babylon’s initiative extends beyond technical innovation, reshaping Bitcoin from a passive asset into an active contributor to network security and consensus mechanisms. By enabling Bitcoin staking on PoS networks, Babylon is redefining Bitcoin’s role within the digital economy, expanding its narrative and utility.
In a move signaling confidence in the future of Bitcoin, Binance Labs, the venture capital arm of cryptocurrency exchange Binance, has strategically backed Babylon, a groundbreaking Bitcoin staking protocol.
This significant investment underscores Binance Labs’ commitment to supporting innovative projects within the staking and restaking domains.
Babylon: Bridging Bitcoin with PoS blockchain ecosystem
Founded by David Tse, Babylon aims to bridge the gap between Bitcoin and proof-of-stake (PoS) blockchain ecosystems. By allowing Bitcoin holders to stake their coins on PoS networks, Babylon seeks to diversify Bitcoin’s utility while bolstering the security and viability of PoS networks. This innovative approach introduces a paradigm shift, potentially reducing the security costs for emerging chains.
Strategic investment and implications
While the exact size of Binance Labs’ investment remains undisclosed, it follows the structure of Babylon’s previous funding rounds, involving equity and token warrant rounds. This investment comes after Babylon’s successful Series A funding round, where it raised $18 million, co-led by Polychain Capital and Hack VC.
Notable investors in Babylon include Framework Ventures, Polygon Ventures, Castle Island Ventures, OKX Ventures, and Symbolic Capital.
The Babylon protocol, built on the Cosmos SDK, will secure its own PoS chain, making it the first PoS chain secured by the protocol. This development paves the way for BTC holders to restake their coins on other PoS networks via Babylon’s marketplace, fostering interoperability within the blockchain space.
Babylon’s roadmap and plans
With the backing of Binance Labs, Babylon aims to expand its development team and launch its mainnet phase one before the end of the year. The protocol’s launch is slated around the next Bitcoin halving, anticipated in April 2024. Upon launch, Babylon will serve as the intermediary between Bitcoin and PoS chains, functioning as the control plane.
Yi He’s perspective and industry significance
Yi He, co-founder of Binance and head of Binance Labs, emphasized the pivotal role of Bitcoin staking as a crucial use case for the industry. This investment marks a significant milestone in Bitcoin’s integration with the proof-of-stake economy. Binance Labs’ support for Babylon underscores its dedication to advancing the narrative and use cases of Bitcoin within the broader crypto ecosystem.
Redefining Bitcoin’s role
Babylon’s initiative extends beyond technical innovation, reshaping Bitcoin from a passive asset into an active contributor to network security and consensus mechanisms. By enabling Bitcoin staking on PoS networks, Babylon is redefining Bitcoin’s role within the digital economy, expanding its narrative and utility.
In a move signaling confidence in the future of Bitcoin, Binance Labs, the venture capital arm of cryptocurrency exchange Binance, has strategically backed Babylon, a groundbreaking Bitcoin staking protocol.
This significant investment underscores Binance Labs’ commitment to supporting innovative projects within the staking and restaking domains.
Babylon: Bridging Bitcoin with PoS blockchain ecosystem
Founded by David Tse, Babylon aims to bridge the gap between Bitcoin and proof-of-stake (PoS) blockchain ecosystems. By allowing Bitcoin holders to stake their coins on PoS networks, Babylon seeks to diversify Bitcoin’s utility while bolstering the security and viability of PoS networks. This innovative approach introduces a paradigm shift, potentially reducing the security costs for emerging chains.
Strategic investment and implications
While the exact size of Binance Labs’ investment remains undisclosed, it follows the structure of Babylon’s previous funding rounds, involving equity and token warrant rounds. This investment comes after Babylon’s successful Series A funding round, where it raised $18 million, co-led by Polychain Capital and Hack VC.
Notable investors in Babylon include Framework Ventures, Polygon Ventures, Castle Island Ventures, OKX Ventures, and Symbolic Capital.
The Babylon protocol, built on the Cosmos SDK, will secure its own PoS chain, making it the first PoS chain secured by the protocol. This development paves the way for BTC holders to restake their coins on other PoS networks via Babylon’s marketplace, fostering interoperability within the blockchain space.
Babylon’s roadmap and plans
With the backing of Binance Labs, Babylon aims to expand its development team and launch its mainnet phase one before the end of the year. The protocol’s launch is slated around the next Bitcoin halving, anticipated in April 2024. Upon launch, Babylon will serve as the intermediary between Bitcoin and PoS chains, functioning as the control plane.
Yi He’s perspective and industry significance
Yi He, co-founder of Binance and head of Binance Labs, emphasized the pivotal role of Bitcoin staking as a crucial use case for the industry. This investment marks a significant milestone in Bitcoin’s integration with the proof-of-stake economy. Binance Labs’ support for Babylon underscores its dedication to advancing the narrative and use cases of Bitcoin within the broader crypto ecosystem.
Redefining Bitcoin’s role
Babylon’s initiative extends beyond technical innovation, reshaping Bitcoin from a passive asset into an active contributor to network security and consensus mechanisms. By enabling Bitcoin staking on PoS networks, Babylon is redefining Bitcoin’s role within the digital economy, expanding its narrative and utility.
In a move signaling confidence in the future of Bitcoin, Binance Labs, the venture capital arm of cryptocurrency exchange Binance, has strategically backed Babylon, a groundbreaking Bitcoin staking protocol.
This significant investment underscores Binance Labs’ commitment to supporting innovative projects within the staking and restaking domains.
Babylon: Bridging Bitcoin with PoS blockchain ecosystem
Founded by David Tse, Babylon aims to bridge the gap between Bitcoin and proof-of-stake (PoS) blockchain ecosystems. By allowing Bitcoin holders to stake their coins on PoS networks, Babylon seeks to diversify Bitcoin’s utility while bolstering the security and viability of PoS networks. This innovative approach introduces a paradigm shift, potentially reducing the security costs for emerging chains.
Strategic investment and implications
While the exact size of Binance Labs’ investment remains undisclosed, it follows the structure of Babylon’s previous funding rounds, involving equity and token warrant rounds. This investment comes after Babylon’s successful Series A funding round, where it raised $18 million, co-led by Polychain Capital and Hack VC.
Notable investors in Babylon include Framework Ventures, Polygon Ventures, Castle Island Ventures, OKX Ventures, and Symbolic Capital.
The Babylon protocol, built on the Cosmos SDK, will secure its own PoS chain, making it the first PoS chain secured by the protocol. This development paves the way for BTC holders to restake their coins on other PoS networks via Babylon’s marketplace, fostering interoperability within the blockchain space.
Babylon’s roadmap and plans
With the backing of Binance Labs, Babylon aims to expand its development team and launch its mainnet phase one before the end of the year. The protocol’s launch is slated around the next Bitcoin halving, anticipated in April 2024. Upon launch, Babylon will serve as the intermediary between Bitcoin and PoS chains, functioning as the control plane.
Yi He’s perspective and industry significance
Yi He, co-founder of Binance and head of Binance Labs, emphasized the pivotal role of Bitcoin staking as a crucial use case for the industry. This investment marks a significant milestone in Bitcoin’s integration with the proof-of-stake economy. Binance Labs’ support for Babylon underscores its dedication to advancing the narrative and use cases of Bitcoin within the broader crypto ecosystem.
Redefining Bitcoin’s role
Babylon’s initiative extends beyond technical innovation, reshaping Bitcoin from a passive asset into an active contributor to network security and consensus mechanisms. By enabling Bitcoin staking on PoS networks, Babylon is redefining Bitcoin’s role within the digital economy, expanding its narrative and utility.
