Bitcoin Project Babylon Funds Staking Protocol Development with $18M

Framework Ventures, Polygon Ventures, Castle Island Ventures, and OKX Ventures were among the investors who contributed to the fundraising effort, which was orchestrated by Polychain Capital and Hack Venture Capital.During an investment round that was headed by Polychain Capital and Hack VC, the Bitcoin-focused project Babylon was able to raise a total of $18 million.

Bitcoin Project Babylon Raises $18M to Bolster Development of Staking  Protocol

Proof-of-stake chains are able to gain funding from the swells of wealth housed in the largest cryptocurrency thanks to Babylon, which is a marketplace that offers bitcoin (BTC) as a staking asset. According to a statement that was sent to CoinDesk via email on Thursday, Babylon will put the funds to use in order to make progress in the development of the staking system.

According to Babylon, the objective of the project is “to build a Bitcoin-secured decentralized world” by transforming all 21 million Bitcoins that will eventually exist into a decentralized staking asset. In the present moment, there are around 19.6 million bitcoins in circulation.The Babylon Project: A Blockchain Focused Hackathon and Commitment to  Diversity & Inclusion

A number of other venture capital firms, including Framework Ventures, Polygon Ventures, Castle Island Ventures, OKX Ventures, Finality Capital, Breyer Capital, and Symbolic Capital, took part in the fundraising effort.

Proof-of-stake is a process that is utilized by blockchains. This mechanism allows validators of transactions to be selected based on the amount of “stake” that they have in the network. The term “staking” refers to the practice of securing assets in order to take part in the operation of a blockchain network and to ensure the network’s safety in exchange for payment.

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