Babylon secured $18 million in Series A funding with key leadership from Polychain Capital and Hack VC.
The bitcoin staking protocol is on track to launch “around the next Bitcoin halving,” anticipated in April 2024.
The Series A round involved prominent investors, including Framework Ventures, Polygon Ventures, Castle Island Ventures, OKX Ventures, and Symbolic Capital.
According to reports, Babylon, a bitcoin project in development, secured an impressive $18 million in Series A funding co-led by Polychain Capital and Hack VC. The protocol, set to launch around the next Bitcoin halving, attracted investment from Framework Ventures, Polygon Ventures, Castle Island Ventures, OKX Ventures, and Symbolic Capital.
This funding, following a structure similar to Babylon’s $8 million seed round in March, combines equity and token warrant components. Despite not disclosing Babylon’s valuation, co-founder David Tse highlighted the project’s successful funding closure, initiated in July.
What is Babylon?
Babylon’s unique protocol allows bitcoin holders to stake their coins on proof-of-stake blockchains, earning yields. This innovation opens doors for PoS chains to integrate bitcoin as a staking asset, enhancing security without relying solely on native tokens. Babylon is in discussions to support networks like Cosmos Hub and Polygon, contributing to the latter’s ecosystem and Chain Development Kit (CDK).
When is Babylon’s Launch Expected?
Anticipated to launch around the next Bitcoin halving in April 2024, Babylon aims to act as the control plane connecting Bitcoin and PoS chains. With the freshly secured funds, Babylon plans to expand its current team of 15 and further develop its ecosystem. The project’s promising trajectory aligns with its mission to address inflationary pressures in traditional staking models and enhance security for emerging chains.
What Could be the impact of Babylon on the Crypto market?
The upcoming launch of Babylon is poised to exert a significant influence on the crypto market. Babylon’s introduction of an innovative bitcoin staking protocol, enabling users to stake their coins on proof-of-stake blockchains, creates fresh opportunities for integrating bitcoin as a staking asset.
This not only enhances the security of proof-of-stake chains but also addresses inherent inflationary pressures linked to traditional staking models. Anticipation for increased interest in staking activities, particularly with the incorporation of bitcoin, is on the horizon.
Furthermore, Babylon’s strategic collaborations with networks like Cosmos Hub and Polygon suggest broader ecosystem involvement, potentially attracting more users and projects to adopt this pioneering approach.
As the crypto market undergoes continuous evolution, Babylon’s launch holds the potential to shape emerging trends and practices, establishing its influence in the decentralized finance landscape.
Imagine Babylon as a groundbreaking tool in the crypto landscape, functioning like a specialized wallet with unique capabilities for your bitcoins. Typically, you’d just hold or trade your bitcoins, but Babylon introduces the concept of “staking,” akin to placing your money in a high-interest savings account within the crypto realm.
Why is this noteworthy? Staking bitcoins with Babylon contributes to enhancing safety in the broader crypto community. It’s akin to participating in neighborhood watch, and in return, you earn additional rewards, known as “yield.” Babylon isn’t operating in isolation; it’s forming valuable connections with other significant entities in the crypto world, such as Cosmos Hub and Polygon.
When Babylon officially implements these innovative features, it has the potential to attract more participants. The appeal lies in making bitcoin staking popular, and the collaborative efforts with other projects, facilitated by Babylon, could transform how people engage with and perceive cryptocurrencies. In essence, Babylon’s launch holds the promise of making the entire crypto landscape more dynamic, interesting, and secure.
How to Cash Out Bitcoins?
Cashing out Bitcoins involves converting your digital currency into fiat currency (like USD, EUR, etc.) or other forms of assets. This process can be done through various methods, each with its own steps and considerations. Here’s a guide on how to cash out Bitcoins:
Using Cryptocurrency Exchanges
Cryptocurrency exchanges like Bitget are the most common way to convert Bitcoin into fiat currency.
Create an Account: If you don’t already have an account, sign up and complete any required verification processes (like KYC).
Transfer Bitcoins: Send your Bitcoins from your wallet to your exchange account.
Sell Bitcoins: Once the Bitcoins are in your exchange account, sell them for the fiat currency of your choice.
Withdraw Funds: Withdraw the fiat currency to your linked bank account.