Babylon builds infrastructure allowing proof-of-stake systems such as blockchains and Layer 2s to obtain staking capital from bitcoin.
Bullish Capital, Polychain Capital, Hashkey Capital, Mantle, Galaxy, Hack VC, ViaBTC Capital, Amber, HTX Ventures and others also participated in the round, according to a company release.
"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."Binance Labs, the venture arm of the crypto exchange Binance, previously invested an undisclosed sum in Babylon on Feb. 28.
As for why Polychain participated again in Babylon's most recent funding round, the firm sees potential in the new use case for the world's largest cryptocurrency by market capitalization.
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