HTX Ventures Invests in Babylon to Advance Trustless Bitcoin Staking
SINGAPORE, June 3, 2024 /PRNewswire/ -- HTX Ventures, the global investment arm of the cryptocurrency exchange HTX, has announced a strategic investment in Babylon, a Bitcoin staking protocol. This investment underlines HTX Ventures' commitment to fostering innovation and supporting groundbreaking technologies in the blockchain and cryptocurrency sectors.
Babylon builds infrastructure that allows proof-of-stake systems to obtain staking capital from Bitcoin. The platform uses modular design and slashing functionality to let stake-base systems, such as blockchains, Layer 2s, DA layers and oracles, and incorporates Bitcoin as a staking and restaking asset.
"HTX Ventures is excited to support Babylon's pioneering efforts in harnessing Bitcoin for decentralized security," said Edward, Managing Partner of HTX Ventures. "Babylon's trustless design unlocks new possibilities for Bitcoin, transforming its utility and paving the way for innovative Bitcoin-native applications. We believe Babylon will play a crucial role in advancing the blockchain ecosystem, and are proud to be a part of this transformative journey."
"This funding will accelerate our mission to make Bitcoin the security backbone of PoS systems," Babylon co-founder David Tse said in a statement. "Our team is dedicated to advancing the utility of Bitcoin beyond its traditional roles and enhancing the security of the entire blockchain ecosystem."
Babylon recently raised $70 million in a funding round led by the venture firm Paradigm. In February 2024, Babylon launched the world's first trustless Bitcoin staking testnet, attracting over 100,000 stakers within 48 hours. This remarkable response highlights the platform's potential to transform Bitcoin into the security backbone of PoS systems. This achievement underscores Babylon's technical expertise and commitment to fostering a secure, decentralized economy.
About HTX Ventures
HTX Ventures, the global investment division of HTX, integrates investment, incubation, and research to identify the best and brightest teams worldwide. With a decade-long history as an industry pioneer, HTX Ventures excels at identifying cutting-edge technologies and emerging business models within the sector. To foster growth within the blockchain ecosystem, we provide comprehensive support to projects, including financing, resources, and strategic advice.
HTX Ventures currently backs over 200 projects spanning multiple blockchain sectors, with select high-quality initiatives already trading on the HTX exchange. Furthermore, as one of the most active Fund of Funds (FOF) investors, HTX Ventures collaboratively forges the blockchain ecosystem alongside premier global blockchain funds, including IVC, Shima, and Animoca.
Contact Details
Michael Wang
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Company Website
https://www.htx.com/en-us/ventures
SOURCE HTX
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