Bitcoin Staking Project Babylon has successfully secured $70 million in funding, with Paradigm at the helm of the funding round. The project’s primary objective is to develop staking capabilities on the largest blockchain network in existence. Notable contributors include Polychain Capital and the venture arm of Bullish, a crypto exchange affiliated with CoinDesk, the parent company.
Babylon effectively offers bitcoin (BTC) as a staking asset, enabling proof-of-stake chains to access funding from the substantial reserves held in BTC. By providing users with opportunities for yield, the project seeks to enhance the utility of the significant amount of unused bitcoin sitting idle in their wallets, ultimately activating the funds.