Binance Labs invests in PoS Bitcoin staking protocol Babylon Chain

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Binance Labs, the enterprise capital and incubation wing of Binance, has introduced a strategic funding in Babylon, an progressive Bitcoin staking protocol. 

Babylon introduces a novel method to staking Bitcoin straight on Proof of Stake (PoS) blockchains, permitting customers to earn yields with out counting on intermediaries like third-party custodians, bridge applied sciences, or wrapping providers. This technique provides PoS chains slashable financial safety whereas offering Bitcoin holders a extra fluid course of for unbonding stakes, thus bettering liquidity.

Binance Labs has just lately intensified its funding actions within the staking and re-staking domains, marking a strategic pivot in the direction of startups. It additionally invested in Puffer Finance and Rezo, which just lately grew to become the second and fourth largest Ethereum liquid re-staking protocols, as per knowledge from DeFiLlama.

Binance Labs’ funding is vital for Babylon, because the protocol is making ready for its mainnet launch earlier than the top of 2024. This assist is predicted to expedite Babylon’s growth efforts considerably. Babylon aspires to increase its assist to different ecosystems, such because the Cosmos Hub, and unlock new potentialities in crypto staking by integrating Bitcoin into the broader PoS financial system.

Whereas the precise monetary particulars of Binance Labs’ investment stay undisclosed, a number of sources point out that the determine is on par with Babylon’s earlier funding rounds, which secured $18 million and $8.8 million in seed and collection A financing, respectively.

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