Reported by The Block, Bitcoin staking protocol Babylon has raised $18 million in a Series A funding round co-led by Polychain Capital and Hack VC. Other investors include Framework Ventures, Polygon Ventures, Castle Island Ventures, OKX Ventures and Symbolic Capital.
The Babylon protocol will allow bitcoin holders to stake their coins on proof-of-stake blockchains and earn a yield. The protocol will essentially allow PoS chains to introduce bitcoin as a staking asset on their networks. Babylon aims to use Bitcoin's security to enhance the security of PoS chains.
Babylon is already in talks to support the Cosmos Hub and Polygon networks. Polygon co-founder of Polygon Sandeep Nailwal said in a statement. "Babylon integrating their solution into Polygon's staking hub not only bolsters the security of emerging chains but also addresses inflationary pressures inherent in traditional staking models."
The Babylon protocol is expected to launch "around the next Bitcoin halving. The halving is expected to occur in April 2024.
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