a16z Crypto invests in Babylon…US$15 million
Summary
- a16z Crypto said it made an investment of US$15 million in Bitcoin (BTC) staking protocol Babylon.
- a16z Crypto emphasized that Babylon plans to expand its business from Bitcoin staking into lending.
- a16z Crypto said that by using Bitcoin as collateral, it could increase the productivity of on-chain capital and Bitcoin investors.
a16z Crypto has invested US$15 million (about KRW 22 billion) in Bitcoin (BTC) staking protocol Babylon (BABY).
a16z Crypto said on the 7th (local time) that it invested US$15 million in Babylon. a16z Crypto said, "Babylon will start as a Bitcoin staking protocol and plans to expand into the lending sector," and explained, "By using Bitcoin as collateral, it can utilize the largest scale of on-chain capital not used by DeFi, and it will become a productive asset for Bitcoin investors."
a16z Crypto is the cryptocurrency investment firm of global venture capital (VC) Andreessen Horowitz (a16z). a16z Crypto also announced the opening of a Seoul office last month. a16z is known to highly value the potential of South Korea's cryptocurrency market.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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