Babylon Raises $70M to Enable Bitcoin Staking on Ethereum and Solana

The crypto startup aims to leverage Bitcoin's reserves to secure proof-of-stake networks and offer yield opportunities for BTC holders.

Babylon secures $70 million in funding to develop Bitcoin staking for Ethereum and Solana.
Lead investor Paradigm, along with Polychain Capital and Bullish Capital, contributed to the funding round.
The project aims to utilize Bitcoin's vast reserves to enhance the security of proof-of-stake networks.
Babylon's approach could allow Bitcoin holders to earn yields by staking their assets on other blockchains.
The initiative reflects a renewed interest in Bitcoin-focused projects within the crypto community.