Babylon Launches Phase 1 of Its Self-Custodial Bitcoin Staking Mainnet

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Staking protocol Babylon has launched Phase 1 of its self-custodial mainnet.

Now, Babylon users can stake BTC via smart contracts. According to the Babylon website, the platform has already attracted 12,710 stakers who have performed over 20,600 staking delegations.

“The launch of the Babylon Bitcoin Staking Mainnet opens up a third primary use case for Bitcoin as an asset, alongside store of value and simple payments: staking to secure PoS networks and earn rewards,” the protocol wrote on social media platform X on Thursday.

Babylon has announced that it will launch its own custodial mainnet on August 21st, following a phased rollout schedule.

Babylon Funding

Babylon has received notable attention from crypto venture capitalists. In December 2023, the company raised $18 million in Series A funding led by Polychain Capital and Hack VC, and two months later, an undisclosed amount from Binance Labs.

Babylon raised $70 million in a funding round led by Paradigm in late May this year, with additional support from Bullish Capital, Polychain Capital, Hashkey Capital, Mantle, Galaxy, and Hack VC.

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