HTX Ventures, the global investment arm of the cryptocurrency exchange HTX, recently announced a strategic investment in Babylon, a Bitcoin staking protocol. Babylon is focused on providing infrastructure that allows proof-of-stake systems to utilize staking capital from Bitcoin, offering a trustless design that unlocks new possibilities for the cryptocurrency. This revolutionary approach paves the way for innovative Bitcoin-native applications and enhances the security of the entire blockchain ecosystem.
The investment from HTX Ventures underscores their commitment to fostering innovation and supporting groundbreaking technologies in the blockchain and cryptocurrency sectors. As Managing Partner Edward stated, Babylon’s efforts in harnessing Bitcoin for decentralized security are truly pioneering and have the potential to transform the utility of the cryptocurrency.
Babylon has recently raised $70 million in funding, led by the venture firm Paradigm, and successfully launched the world’s first trustless Bitcoin staking testnet in February 2024. The platform attracted over 100,000 stakers within 48 hours, showcasing its technical expertise and demonstrating its potential to make Bitcoin the security backbone of PoS systems.
This partnership between HTX Ventures and Babylon highlights the ongoing efforts to advance the blockchain ecosystem and promote a secure, decentralized economy. HTX Ventures is known for its work in identifying cutting-edge technologies and emerging business models within the sector, providing comprehensive support to projects worldwide. With over 200 projects backed and a focus on collaborating with global blockchain funds, including IVC, Shima, and Animoca, HTX Ventures continues to drive innovation and growth in the blockchain space.
To stay updated on the latest developments from HTX Ventures and Babylon, visit the HTX website at https://www.htx.com/en-us/ventures. For media inquiries or further information, please contact Michael Wang at the provided contact details.
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SOURCE: Huobi Technology PTE. LTD.
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