Babylon Raises $70 Million to Stake Bitcoin on Proof-of-Stake Chains

Babylon, a bitcoin staking project, has raised $70 million in funding led by investment firm Paradigm. Other investors include Polychain Capital and Bullish, the venture arm of crypto exchange Bullish and CoinDesk's parent company. Babylon aims to allow proof-of-stake chains to access the vast liquidity of bitcoin, which is often held idle in wallets. By offering bitcoin as a staking asset, Babylon hopes to increase the utility of BTC and provide yield opportunities for holders. This funding round follows an earlier raise of $18 million in December 2023.