{"id":72474,"date":"2024-02-28T04:14:06","date_gmt":"2024-02-28T08:14:06","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=72474"},"modified":"2024-02-28T04:17:18","modified_gmt":"2024-02-28T08:17:18","slug":"binance-backs-babylon-to-unlock-bitcoin-staking-on-pos-chains","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/binance-backs-babylon-to-unlock-bitcoin-staking-on-pos-chains\/","title":{"rendered":"Binance Backs Babylon to Unlock Bitcoin Staking on PoS Chains"},"content":{"rendered":"\n

The innovative Bitcoin staking technology Babylon has received a strategic investment from Binance Labs<\/a>, the startup financing and innovation arm of Binance. <\/p>\n\n\n\n

\"Binance
Binance Backs Babylon to Unlock Bitcoin Staking on PoS Chains<\/figcaption><\/figure>\n\n\n\n

By introducing a novel method of directly staking Bitcoin on Proof of Stake<\/a> (PoS) blockchains, Babylon enables users to generate returns without depending on middlemen such as wrapping services, bridge technologies, or third-party custodians. <\/p>\n\n\n\n

This technique improves liquidity by giving Bitcoin holders a more flexible way to unbond their interests, while also giving PoS chains drastically increased economic security.<\/p>\n\n\n\n

\n

We\u2019ve invested in @babylon_chain\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>!

Babylon is a blockchain project that designs security sharing protocols with a mission of scaling Bitcoin to secure the decentralized economy.

Read more\ud83d\udc47https:\/\/t.co\/9f5c2vt38S<\/use><\/svg><\/span><\/a><\/p>— YZi Labs (@yzilabs) February 27, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

In a strategic shift toward startups, Binance Labs has increased its investment activity in the staking and re-staking areas. Additionally, according to statistics from DeFiLlama, it made investments in Puffer Finance <\/use><\/svg><\/span><\/a>and Rezo, which just rose to become the second and fourth largest Ethereum liquid re-staking protocols.<\/p>\n\n\n\n

Babylon needs Binance Labs' investment because the protocol is getting ready to debut on the mainnet before the end of 2024. It is anticipated that this assistance will greatly accelerate Babylon's development efforts. <\/p>\n\n\n\n

By incorporating Bitcoin into the larger PoS economy, Babylon hopes to expand its support to other ecosystems, like the Cosmos Hub<\/a>, and open up new opportunities for cryptocurrency staking.<\/p>\n\n\n\n

Although the precise financial terms of Binance Labs' investment are still unknown, a number of sources suggest that it is comparable to the sum raised by Babylon in its earlier funding rounds, which brought in $18 million in seed funding and $8.8 million in series A financing, respectively.<\/p>\n","protected":false},"excerpt":{"rendered":"

The innovative Bitcoin staking technology Babylon has received a strategic investment from Binance Labs, the startup financing and innovation arm of Binance. By introducing a novel method of directly staking Bitcoin on Proof of Stake (PoS) blockchains, Babylon enables users to generate returns without depending on middlemen such as wrapping services, bridge technologies, or third-party […]<\/p>\n","protected":false},"author":43,"featured_media":72476,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[18597,326,18598],"class_list":["post-72474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-babylon","tag-binance","tag-bitcoin-staking"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/02\/croc_1709100974746.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/72474","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=72474"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/72474\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/72476"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=72474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=72474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=72474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}