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Funding
Babylon raises USD 70 million in venture funding
Decentralized Finance (DeFi)
May 30, 2024
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Decentralized Finance (DeFi)

Decentralized Finance (DeFi)

May 30, 2024

Babylon raises USD 70 million in venture funding

Funding

  • Babylon, a Bitcoin staking protocol, has raised USD 70 million in new funding led by Paradigm, with participation from Polychain Capital, Bullish Capital, Polychain Capital, Hashkey Capital, Mantle, Galaxy, Hack VC, and Amber. This round brings the company's total funding to over USD 100 million.

  • Babylon is a Stanford-incubated blockchain protocol that lets users earn yield from staking their Bitcoin holdings. Built using the Cosmos software development kit (SDK), the protocol offers a non-custodial way for users to use Bitcoin to validate proof-of-stake chains. It also offers fast, unbinding, and scalable restacking features to improve liquidity and yields.

  • Analyst QuickTake: Babylon has raised a majority of its total funding within the last six months across back-to-back funding rounds. It secured USD 18 million in seed funding last December, as well as an undisclosed amount in strategic investment from Binance Labs in February. With this funding, Babylon also becomes the highest-funded bitcoin staking platform in our coverage, next to Bouncebit, which incidentally also secured multiple rounds of funding (including an investment in Binance) in the last few months. 

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