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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