SINGAPORE, June 1, 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
glo-media@htx-inc.com
Company Website
https://www.htx.com/en-us/ventures
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SOURCE Huobi Technology PTE. LTD.