OKX Ventures, the investment arm of leading crypto exchange and Web3 technology company OKX, announced the investment in Babylon, a Bitcoin staking protocol that enables proof-of-stake (PoS) networks to stake BTC, adding liquidity and security to emerging chains.

Babylon is the first project to offer Bitcoin to the PoS world, founded in 2022 by Stanford Professor David Tse and Dr. Fisher Yu. Babylon envisions extending Bitcoin’s security to safeguard the decentralized world. Leveraging three facets of Bitcoin — its timestamp service, block space, and asset value — Babylon seamlessly conveys Bitcoin’s security to numerous Proof-of-Stake (PoS) chains, fostering a more robust and unified ecosystem.

Babylon’s Bitcoin staking protocol employs a remote staking method, overcoming smart contract limitations through cryptography, consensus protocol innovation, and optimized use of Bitcoin scripting language. This approach allows Bitcoin holders to securely stake their assets without bridging to a PoS chain, ensuring complete reducible security assurance. Users can achieve secure staking without transferring Bitcoin from their addresses.

OKX Ventures Partner Jeff Ren commented , “OKX Ventures is excited about our investment in Babylon, a timely and pivotal innovator in the Bitcoin ecosystem. Our commitment reflects our support for groundbreaking developments and visionary founders in the industry. OKX has been a steadfast supporter and leader in the BTC and BRC20 ecosystems, and we see Babylon’s approach to Bitcoin staking and restaking as a significant game-changer. We’re looking forward to collaborating with them, leveraging their innovations to enhance BTC’s utility and impact, particularly as the market shows renewed energy.”

Babylon has raised $18 million this funding round co-led Polychain Capital and Hack VC, with other participants such as Framework Ventures, Polygon Ventures, Castle Island Ventures, Finality Capital, Breyer Capital, Symbolic Capital, IOSG Ventures and so on. The funds will be used to bolster the advancement of Babylon’s Bitcoin Staking protocol, which converts 21 million bitcoins into a decentralized staking asset for the Proof-of-Stake economy in a trustless way.

To learn more about Babylon, click here.

For further information, please contact: [email protected]

About OKX Ventures

OKX Ventures is the investment arm of leading crypto exchange and Web3 technology company OKX. It focuses on exploring the best blockchain projects on a global scale, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investing in long-term structural value.

Through its commitment to supporting entrepreneurs who contribute to the development of the blockchain industry, OKX Ventures helps build innovative companies and brings global resources and historical experience to blockchain projects.

Find out more about OKX Ventures here.