Paradigm Leads $70 Million Funding Round for Babylon Bitcoin Project
- Babylon aims to bridge the gap between Bitcoin and Ethereum
- The project will move Bitcoin into the hot ‘staking’ sector
The fundraise is the latest sign that interest from the venture capital world has shifted back to Bitcoin-focused projects from other blockchains.
Photographer: Christopher Pike/BloombergBabylon, a crypto startup co-founded by Stanford University engineering Professor David Tse that’s trying to bridge the gap between Bitcoin and Ethereum, has raised $70 million in its latest funding round.
Crypto venture capital firm Paradigm led the round, which also included Polychain and Bullish Capital, the company said Thursday. In December, Babylon, raised $18 million from investors including Hack VC and Framework Ventures. Babylon declined to disclose the firm’s current valuation and the arrangement of the investment, citing confidentiality. Proceeds will be used to expand the staff, as well as research and development, a representative of the firm said.