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Bitcoin (BTC) news: Babylon Labs raises $15 million for Trustless BTCVaults
Babylon Labs secured $15 million from Andreessen Horowitz to develop BTCVaults, enabling bitcoin as verifiable, non-custodial collateral for on-chain finance applications.
- On Wednesday, Babylon Labs raised $15 million from a16z crypto to advance and scale Babylon Trustless BTCVaults infrastructure, the company said in a blog post.
- David Tse started Babylon to commercialize his Stanford research and avoid intermediaries that seize users' private keys, preserving control over Bitcoin custody.
- BTCVaults lock bitcoin on the Bitcoin base layer, enabling external verification and cryptographic enforcement mechanisms; Babylon plans to integrate BTCVaults with the Aave lending protocol for borrowing and lending.
- The platform's BABY token jumped 13% after the a16z deal, and Babylon Labs, with more than 40 employees but no CEO, expects revenue post-Aave launch.
- Amid rising institutional interest, Babylon positions BTCVaults as a non-custodial alternative to Coinbase, Kraken and Tether, compatible with TradFi and DeFi systems to unlock bitcoin as productive collateral.
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12 Articles
12 Articles
Babylon Raises $15M from a16z for Bitcoin Collateral Vaults
TLDR: Babylon secures $15 million from a16z crypto to develop trustless Bitcoin collateral infrastructure globally. Over $1.4 trillion in Bitcoin sits idle today, with less than 1% wrapped for use in financial applications. BTCVaults use witness encryption and garbled circuits to lock Bitcoin without custodians or intermediaries. The technology enables lending, borrowing, and structured products while users maintain control of their keys. B…
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