Babylon, a Palo Alto, CA-based provider of a blockchain project that designs security sharing protocols for the decentralized economy, raised $18M in funding.
The round was led by Polychain Capital and Hack VC, with participation from Framework Ventures, Polygon Ventures, Castle Island Ventures, OKX Ventures, Finality Capital, Breyer Capital, Symbolic Capital, IOSG Ventures and many other investors.
The company intends to use the funds to bolster the advancement of its Bitcoin staking protocol, which converts the 21 million bitcoins into a decentralized staking asset for the Proof-of-Stake economy in a trustless way.
Founded in 2022 by Stanford Professor David Tse and Dr. Fisher Yu, Babylon is a blockchain project that designs security sharing protocols for the decentralized economy. To achieve this, it uses the three primary facets of Bitcoin: its asset, its reliable timestamping service, and its censorship-resistant blockspace. To leverage these facets, Babylon is developing three innovative security-sharing protocols: Bitcoin Staking Protocol, Bitcoin Timestamping Protocol, and Bitcoin Data Availability Protocol.
FinSMEs
07/12/2023