© Reuters.
SAN FRANCISCO – In a significant move for the cryptocurrency sector, Babylon Chain has successfully raised $18 million in a Series A funding round. The investment is aimed at promoting the innovative Bitcoin staking protocol company creation. This protocol is designed to integrate Bitcoin’s proof-of-work system with proof-of-stake networks, all without requiring any modifications to the Bitcoin network itself.
The funding round, which culminated today, was led by Polychain Capital and Hack VC. Alex Pack from Hack VC expressed confidence in the project’s potential to revolutionize Bitcoin staking. The financial injection will help Babylon Chain develop a decentralized network that facilitates a trustless transition to the Proof-of-Stake economy.
This development follows Babylon’s minimum viable product (MVP) release in October, demonstrating the initial capabilities of their system. MVP aims to bridge the gap between different blockchain technologies and take advantage of unused Bitcoin resources. Previous Glassnode reports have highlighted these dormant Bitcoin supplies as a huge untapped asset in the blockchain sector.
The recent capital inflow was supported by a consortium of investors interested in blockchain innovation. Framework Ventures, Polygon Ventures, Castle Island Ventures, Finality Capital and Symbolic Capital are among the contributors who see potential in Babylon’s approach to promoting new services such as data availability services for blockchain.
Babylon’s initiative is set to unlock new functionalities in the blockchain ecosystem by allowing existing Bitcoin supplies to participate more actively in a variety of blockchain-based applications and services. This funding marks a significant endorsement of Babylon Chain’s vision and technological approach in the increasingly diverse and evolving cryptocurrency landscape.
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