Binance Labs Announces Investment in Babylon to Support the Advancement of Bitcoin (BTC) Staking.
Binance Labs, the venture capital and incubation arm of Binance, Bitcoin A platform that pioneered the concept of staking and allows users to stake bitcoins and earn returns on PoS blockchains without any third-party custody, bridge solutions or packaging. He invested in Babylon, a Bitcoin staking protocol.
“Babylon’s Bitcoin Staking Protocol provides a way for PoS chains to receive staking capital from the world’s largest crypto asset rather than their own native tokens, thus reducing the inflationary pressure of the PoS chain and unlocking new benefits for their tokens.
Additionally, despite reaching a trillion-dollar market cap, Bitcoin serves as an idle store of value without much use. Babylon’s innovation provides Bitcoin holders with a new way to earn additional returns from PoS chains in a secure and decentralized manner. “
Binance Co-Founder and Head of Binance Labs Yi He regarding new investment “Bitcoin staking presents a pivotal new use case for the industry and marks an important step in the integration of Bitcoin with the Proof-of-Stake economy. “The investment in Binance Labs’ Babylon represents our commitment to supporting innovative projects that drive the Bitcoin narrative and advance use cases.” He made a statement.
We’ve invested in @babylon_chain!
Babylon is a blockchain project that designs security sharing protocols with a mission of scaling Bitcoin to secure the decentralized economy.
Read more👇https://t.co/9f5c2vt38S
— Binance Labs Fund (@BinanceLabs) February 27, 2024
*This is not investment advice.
For exclusive news, analysis and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price monitoring now by downloading our applications!