BingX Labs Invests $5.3 Million in Babylon
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Bing LabsBingX’s innovation arm, dedicated to identifying and nurturing promising blockchain businesses, announced a partnership with Babylonan innovative project in Bitcoin Decentralized Finance and Layer 2 ecosystem.
Actively participating in a $5.3 million investment through BingX Labs’ $100 million Ecosystem Fund, Babylon will build a bridge to Bitcoin Safety and Proof of Stake network, enabling BTC holders to securely stake and enhance the resilience of the PoS chain.
Babylon focuses on safely introducing Bitcoin into the PoS ecosystem, allowing Bitcoin holders to earn reliable returns without compromising security. Its upstream service uses UTXO native locking to ensure assets are securely under the control of users. On the downstream side, Babylon enhances the security of the PoS chain by preventing remote attacks while simplifying staking access for Bitcoin holders and Web3 users alike.
Users can benefit from Babylon’s integration in a variety of tangible ways. Thanks to the UTXO-based locking mechanism, Bitcoin holders can securely receive staking rewards without moving assets. This method ensures full control over their Bitcoin while providing passive income opportunities. Users of PoS chains also benefit from enhanced security, reducing the risk of cyberattacks. Web3 enthusiasts gain an easy and reliable way to participate in staking and DeFi activities, creating more opportunities for growth and diversity within the ecosystem.
“Our partnership with Babylon reflects our shared vision to enhance innovation and lower barriers to entry in the blockchain space,” Lin WeiweiHead of BingX Labs and Chief Product Officer of BingX. “For our users, this means secure, seamless access to staking opportunities and increased security, so this partnership is a natural fit in our commitment to providing smarter, more secure tools for crypto investors extend.”
BingX Labs’ support of Babylon is a decisive step toward unlocking greater security, accessibility, and innovation in the blockchain space. By connecting Bitcoin’s powerful network with its proof-of-stake system, both are driving a new era of decentralized finance that empowers users, fosters trust, and expands growth opportunities.
About BingX
Founded in 2018, BingX is a leading cryptocurrency exchange serving more than 10 million users worldwide. BingX offers a diverse range of products and services, including spot, derivatives, copy trading and asset management – all designed to meet the changing needs of beginners to professionals. BingX is committed to providing a trustworthy platform that provides users with innovative tools and features to improve their trading proficiency. In 2024, BingX proudly becomes the official cryptocurrency trading partner of Chelsea Football Club, marking its debut in the world of sports.
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