Bitcoin project Babylon has raised $70 million in funding to advance its plans to build staking on the world’s largest blockchain.
Leading the fundraising round was Paradigm, with support from Polychain Capital and Bullish, the venture division of the cryptocurrency exchange and parent company of CoinDesk. By using bitcoin (BTC) as a staking asset, Babylon enables proof-of-stake chains to access the deep deposits of BTC for funding.
The project’s goal is to increase the usefulness of the billions of dollars’ worth of bitcoin that would otherwise be languishing in users’ wallets by giving them something in return. This investment round comes after a December $18 million fundraising campaign.