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Home»ADOPTION NEWS»Binance Labs invests in Babylon to facilitate Bitcoin staking.
ADOPTION NEWS

Binance Labs invests in Babylon to facilitate Bitcoin staking.

By Crypto FlexsFebruary 28, 20243 Mins Read
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Binance Labs invests in Babylon to facilitate Bitcoin staking.
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Binance Labs invested in Babylon to facilitate Bitcoin staking, bringing important advancements to Bitcoin’s usability and PoS blockchain security.

Binance Labs announced a major investment in Babylon, the pioneering Bitcoin ​​staking protocol. This investment represents Binance Labs’ efforts to increase the utility of Bitcoin and advance the proof-of-stake (PoS) blockchain economy.

Babylon is leading the way in integrating Bitcoin, the world’s largest cryptocurrency by market capitalization, with the PoS blockchain paradigm. Unlike traditional staking methods that rely on native tokens on the PoS blockchain, Babylon’s innovative protocol allows Bitcoin holders to stake their assets directly on the PoS blockchain. This mechanism offers a variety of benefits, including reduced inflationary pressures on PoS chains and an alternative means of monetization to Bitcoin, which has traditionally been viewed as a passive store of value.

Yi He, co-founder of Binance and head of Binance Labs, emphasized the importance of this development, noting that this is an important new use case for Bitcoin and an important step in its integration with the PoS economy. This investment is part of Binance Labs’ broader mission to support innovative projects that lead the Bitcoin story and expand its use cases.

Built on the Cosmos SDK, the Babylon protocol acts as a bridge to synchronize the Bitcoin network with the PoS chain by providing not only staking but also timestamping services. The team leading the project is comprised of consensus protocol researchers and seasoned Layer-1 engineers, including Stanford professor David Tse, a renowned inventor and recipient of prestigious awards such as the IEEE Claude E. Shannon Award and the IEEE Richard W. Hamming Medal. This is a team formed. .

Through its innovative secure sharing protocol, Babylon aims to leverage three key aspects of Bitcoin (asset value, trusted timestamp service, and censorship-resistant block space) to scale Bitcoin and secure its decentralized economy.

With a portfolio valued at over $10 billion, Binance Labs continues to play a significant role in the venture capital space within the cryptocurrency ecosystem. The company’s portfolio spans 250 projects across six continents and boasts impressive ROI rates.

Binance Labs’ announcement comes at a time when the cryptocurrency market is increasingly looking for ways to bridge the gap between various blockchain technologies. Bitcoin staking through Babylon could potentially open up new liquidity and utility for a cryptocurrency that has long been viewed as a store of value rather than a source of passive income.

Image source: Shutterstock

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