Binance Labs Announced the New Bitcoin-Based Cryptocurrency Project It Is Investing In!

Binance Labs Announces Investment in Babylon to Support the Advancement of Bitcoin (BTC) Staking.

Binance Labs, the venture capital and incubation arm of Binance, pioneered the concept of native Bitcoin staking and Babylon, a Bitcoin staking protocol that allows users to stake bitcoins and earn returns for PoS blockchains without any third-party custody, bridge solutions or packaging He invested in .

“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, although Bitcoin has reached a trillion-dollar market cap, it 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 commented on the new investment: “Bitcoin staking offers a very important 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, Bitcoin “It represents our commitment to supporting innovative projects that shape the 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

Source