According to Bloomberg, Bitcoin staking protocol Babylon raised $70 million in a financing round led by cryptocurrency investment company Paradigm.
While this is the largest investment in the Bitcoin (BTC) ecosystem in recent times, Binance Labs had previously announced that it would invest in Babylon.
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While Paradigm led the financing round, Polychain Capital and cryptocurrency exchange Bullish also participated in the round.
Babylon stated that the aim of the project is to increase the benefit of users by providing returns to billions of dollars worth of Bitcoin sitting idle in their wallets.
Before this, Babylon had raised $18 million in the financing round held in December.
*This is not investment advice.
