Binance Labs has invested in the Babylon protocol
The Babylon project has conducted a new round of financing. He received an undisclosed amount from Binance Labs.
Binance Labs, the venture capital arm of the crypto exchange, has announced investments in the Babylon protocol.
We’ve invested in @babylon_chain!
— Binance Labs Fund (@BinanceLabs) February 27, 2024
Babylon is a blockchain project that designs security sharing protocols with a mission of scaling Bitcoin to secure the decentralized economy.
Read more?https://t.co/9f5c2vt38S
Binance Labs did not name the exact amount of funding. It is known that in December 2023, the project attracted $18 million in investments from Polychain Capital, Hack VC, OKX Ventures and other companies. In addition, Babylon received $8 million from IDG Capital and Breyer Capital in March.
The project is a bitcoin staking protocol. Users can place assets in blockchains based on the Proof-of-Stake (PoS) consensus mechanism, receiving income for this.
As noted in Binance Labs, the protocol is aimed at reducing inflationary pressure in PoS blockchains. In addition to this, it provides bitcoin owners with the opportunity to make additional profits in a secure and decentralized way.
It is reported that the protocol was created on the basis of the Cosmos SDK software package. The project is led by a group of experienced Stanford engineers and specialists. Babylon's main mission is to scale bitcoin to ensure the security of a decentralized economy.
Source: https://incrypted.com/binance-labs-investirovala-v-protokol-babylon/
