In a significant development, Babylon, a pioneering bitcoin staking protocol, has secured $18 million in Series A funding, co-led by Polychain Capital and Hack VC. This funding milestone sets the stage for Babylon's protocol launch, scheduled around the next Bitcoin halving in April 2024.

Led by David Tse, a co-founder and engineering professor at Stanford University, Babylon stands out in the cryptocurrency space. The protocol's mission is to transform the staking landscape by enabling bitcoin holders to stake their coins on proof-of-stake (PoS) blockchains, earning attractive yields. Babylon achieves this by leveraging Bitcoin's robust security infrastructure to enhance the security of PoS chains.

The Series A funding, totaling $18 million, comes from a diverse group of investors, including Framework Ventures, Polygon Ventures, Castle Island Ventures, OKX Ventures, and Symbolic Capital. This injection of fresh capital positions Babylon to expand its current team of 15 members and advance the development of its ecosystem.

Babylon's innovative funding structure, combining equity and token warrants, mirrors the approach taken in its earlier $8 million seed funding round in March. Although the valuation remains undisclosed, the successful closure of the Series A round positions Babylon for substantial growth.

Addressing a common challenge faced by PoS chainssecuring significant capital for securityBabylon integrates into networks like Cosmos Hub and Polygon. By utilizing Bitcoin's security, Babylon aims to strengthen PoS chains and alleviate inflationary pressures, particularly for emerging chains struggling with high inflation rates.

Babylon's collaboration with Polygon is gaining momentum, with active participation in Polygon's Chain Development Kit (CDK). According to Polygon co-founder Sandeep Nailwal, this