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#Binance: #invesror Home/News/Fundraising/Binance Labs invested in the Babylon protocolBinance Labs invested in the Babylon protocol27.02.20244 min13506Binance Labs invested in the Babylon protocol. Main collage of the news.avatarSerhii PantyukhAuthor of the articleThe Babylon project held a new round of financing. It received an undisclosed amount from Binance Labs.In December 2023, Babylon raised $18 million in investments.Binance Labs, the venture arm of the crypto exchange, announced investments in the Babylon protocol.We've invested in @babylon_chain!Babylon is a blockchain project that designs security sharing protocols with a mission of scaling Bitcoin to secure the decentralized economy.Read more👇https://t.co/9f5c2vt38S— Binance Labs Fund (@BinanceLabs) February 27, 2024В Binance Labs did not disclose the exact amount of funding. It is known that in December 2023, the project attracted $18 million in investments from Polychain Capital, Hack VC, OKX Ventures and other companies. In addition, in March, Babylon received $8 million from IDG Capital and Breyer Capital. The project is a Bitcoin staking protocol. Users can place assets in blockchains based on the Proof-of-Stake (PoS) consensus mechanism, receiving income for this. As noted by Binance Labs, the protocol is aimed at reducing inflationary pressure in PoS blockchains. In addition to this, it provides Bitcoin holders with the opportunity to earn additional profits in a secure and decentralized way.“Bitcoin staking is a fundamentally new use case for a digital asset in the industry. It marks a significant step in the integration of blockchain with the Proof-of-Stake economy. Binance Labs’ investment in Babylon reflects our commitment to supporting innovative projects related to the expansion of the use of Bitcoin,” said Binance co-founder and head of Binance Labs Yi He. The protocol is reportedly built on the Cosmos SDK software package. The project is led by a team of experienced Stanford engineers and specialists. Babylon's core mission is to scale Bitcoin to secure the decentralized economy. “The Bitcoin staking protocol unites the entire blockchain industry. We are excited to support Binance Labs in building the expansive Babylon ecosystem,” added protocol co-founder David Tse. This is not Binance Labs’ first investment in 2024. Earlier, the venture fund announced support for the Renzo project and the Puffer Finance liquid staking protocol. In addition, the company has selected three projects to participate in the incubation program: NFPrompt, Ethena Labs and Shogun.