Babylon Completes $70M Funding Round

Babylon, a Palo Alto, CA-based company that aims to build a Bitcoin-secured decentralized world, raised $70M in funding.

The round was led by Paradigm with participation from Bullish Capital, Polychain Capital and other investors.

The company intends to use the funds to expand its development efforts.

Founded in 2022 by Stanford Professor David Tse and Dr. Fisher Yu, Babylon is a blockchain project that designs security sharing protocols for the decentralized world. To achieve this, it utilizes the three primary facets of Bitcoin: its asset, its timestamping service, and its most censorship-resistant blockspace in the world. To leverage these facets, Babylon is developing three security-sharing protocols: Bitcoin Staking Protocol, BitcoinTimestamping Protocol, and Bitcoin Data Availability Protocol.

Babylon Bitcoin Staking protocol allows Proof-of-Stake (“PoS”) systems such as PoS chains, L2s, Data Availability (DA) layers, oracles, etc. to acquire staking capital from bitcoin. Through its modular design and slashing functionality, the protocol will enable PoS systems to introduce bitcoin as a staking asset and enjoy higher crypto-economic security than what native tokens can provide. As a result, PoS systems will be able to utilize Babylon’s scalable staking and restaking features to unlock value from the $1+ trillion Bitcoin ecosystem.

Babylon’s journey has been marked by significant milestones, including the launch of the world’s first trustless Bitcoinstaking testnet in February 2024. The testnet, which saw over 100,000 stakers within 48 hours, demonstrated the platform’s potential to evolve Bitcoin into the security backbone of PoS systems.