Babylon secures $15M from a16z to expand Bitcoin staking
Babylon is positioning Bitcoin for a larger role in on-chain finance as new capital backs its shift beyond staking.
Summary
- a16z Crypto invested $15M in Babylon through a BABY token purchase.
- Babylon is expanding from Bitcoin staking into trustless BTC lending.
- The protocol aims to unlock idle Bitcoin for DeFi without bridges or custodians.
The push to turn idle Bitcoin into active onchain capital has received major backing from a prominent venture firm.
Babylon, a Bitcoin (BTC) staking platform, secured a $15 million investment from a16z Crypto through a purchase of its native BABY tokens, according to a Dec. 7 announcement by the venture firm.
