Bitcoin
Paradigm supports BTC Babylon staking protocol with $70M round
Babylon Bitcoin Staking Protocol Successful created $70 million in a funding round led by venture capital firm Paradigm.
Babylon’s investment round included participation from Bullish Capital, Polychain Capital, Hashkey Capital, Mantle, Galaxy, Hack VC, ViaBTC Capital, Amber, and HTX Ventures.
The platform intends to use this new capital to drive its mission of establishing a Bitcoin-secured decentralized economy. Allows multiple proof of bet (PoS) systems, such as PoS chains, layer 2 solutions, data availability layers, and oracles, to use Bitcoin as a staking asset.
By using Babylon’s modular design and shaving functionality, PoS systems can enhance their cryptoeconomic security far beyond what native tokens offer.
According to Babylon, this approach could unlock more than $1 trillion in Bitcoin ecosystem value, significantly reducing inflationary pressure on PoS chains and increasing financial utility for Bitcoin holders.
David Tse, co-founder of Babylon, expressed his excitement about the investment.
“We are excited by the confidence shown by Paradigm, Bullish Capital, Polychain Capital and other investors,” he said. “This funding will accelerate our mission to make Bitcoin the security backbone of PoS systems.”
Growing Footprint of the Paradigm in Crypto Finance
Paradigm’s role in fundraising is notable. The research-driven technology investment firm has been actively involved in the crypto investment space.
Earlier this year, Bloomberg reported Paradigm’s leading role in a significant funding round for Merkle Manufactory, the company behind the Farcaster network.
Rated at approx. US$ 1 billionFarcaster raised $150 million with Paradigm at the helm, alongside A16z Crypto, Haun Ventures, USV, Variant, Standard Crypto and others.
In April, Paradigm also announced plans to raise new funds for crypto investments, targeting up to $850 million as the digital asset industry continues to recover.
This would mark Paradigm’s biggest fundraising since 2021, when the company secured $2.5 billion for a crypto fund, a record at the time until surpassed by Andreessen Horowitz’s $4.5 billion crypto investment fund in May 2022.
Other venture capitalists, including a16zHack VC and Hivemind are equally involved in fundraising activities, with amounts ranging from $50 million to $150 million, reflecting renewed momentum in the cryptocurrency sector.