Bitcoin prices are reaching new heights, and the investment arm of Binance exchange is persisting with its investments in preparation for the new bull market. Even during the tough days of the bear market, Binance continued its investments, particularly in the DeFi sector, and today it announced its new investment. This venture is connected to DeFi but also concerns the Bitcoin ecosystem.
Binance Invests in Projects
Binance, the largest cryptocurrency exchange by trading volume, today invested in the Babylon protocol, which allows for staking of Bitcoins on PoS blockchains and earning returns without the need for any third-party custody, bridge solutions, or wrapping services.
Pioneering the concept of Bitcoin staking, Babylon addresses a significant need. Yi He, Co-founder of Binance and Head of Binance Labs, wrote about their recent investments;
“Bitcoin staking is a significant step in integrating Bitcoin with the Proof-of-Stake economy, offering a very important new use case for the industry. The investment of Binance Labs in Babylon represents our commitment to supporting innovative projects that lead the Bitcoin narrative and expand its use cases.”
Babylon was initiated in 2022 by Stanford Professor David Tse and Dr. Fisher Yu.
