Babylon Chain closes $18M funding for Bitcoin staking

Polychain Capital and Hack VC led the $18 million Series A funding round of Babylon Chain, a protocol working on Bitcoin (BTC) staking, bridging the decentralized finance (DeFi) ecosystem with the Bitcoin blockchain. 

According to the Dec. 7 announcement, the funds will be used to support the development of Babylon’s Bitcoin Staking protocol, which enables proof-of-stake (PoS) networks to stake BTC, adding liquidity and security to emerging chains.

For context, a PoS chain is a type of blockchain that relies on participants to validate transactions. To be a validator and create new blocks, a participant must stake the chain’s native token. The security and integrity of a PoS chain…

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