Babylon Raises $70 Million for Bitcoin Staking in Paradigm-Led Round on May 30, 2024

May 30, 2024, 02:58 PM

Babylon, a startup focused on Bitcoin staking, has raised $70 million in its latest funding round led by Paradigm on May 30, 2024. This funding round, which is the largest recent investment in the Bitcoin ecosystem, also saw participation from Polychain, Galaxy, HashKey, Bullish, HackVC, and Binance Labs. Babylon aims to advance trustless Bitcoin staking and bridge the gap between Bitcoin and Ethereum. The startup's efforts are part of a broader trend of increasing interest from crypto venture capital firms in the Bitcoin world. Babylon had previously raised $18 million in 2023.