BingX Labs announced an investment of $5.3 million in the Bitcoin staking protocol Babylon

ChainCatcher news, according to Be In Crypto, BingX's innovation department BingX Labs announced a strategic partnership with the Bitcoin staking protocol Babylon, investing $5.3 million in the Babylon project through its $100 million ecosystem fund. BingX Labs stated that its support for Babylon is a key step in unlocking higher security, accessibility, and innovation in the blockchain space.

According to the Web3 asset data platform RootData, Babylon is a layer1 blockchain founded by Stanford University Professor David Tse. The mission of the project is to bring Bitcoin's unparalleled security to all PoS blockchains without any additional energy costs. The team consists of researchers from Stanford University, experienced developers, and seasoned business advisors.