BTC Yield Generation Protocol Babylon Raises $15M from A16z Crypto
Quick take:
- Popular exchange platforms like Coinbase and stablecoin issuers like Tether allow users to swap their Bitcoin for collateral, which means holders lose control of the Bitcoin.
- Co-founded by Stanford professor David Tse and Fisher Yu, Babylon is introducing an alternative collateralization system to popular systems, like using wrapped BTC.
- Babylon’s protocol enables collateralization without the user relinquishing control of the Bitcoin.
Babylon, a BTC yield-generation protocol, has announced a $15 million funding round from Andreessen Horowitz crypto venture arm A16z Crypto, according to a report by Fortune.
The company is looking to disrupt the BTC collateralization industry that is currently…
