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BingX Labs, the innovative arm of BingX dedicated to identifying and developing promising blockchain companies, announced its strategic partnership with Babylon, an innovative project in the Bitcoin DeFi and Layer 2 ecosystem.
With active participation in Babylon for $5.3 million through BingX Labs’ $100 million ecosystem fund, Babylon is poised to bridge Bitcoin’s security with proof-of-stake networks, enabling BTC holders to safely participate and improve the resilience of the PoS chain.
Babylon is focused on securely introducing Bitcoin into PoS ecosystems, allowing Bitcoin holders to earn reliable returns without compromising security. Its upstream service uses native UTXO locking to ensure assets remain securely under users’ control. Downstream, Babylon strengthens the security of the PoS chain by preventing long-range attacks while simplifying access to staking for Bitcoin holders and Web3 users.
Users can benefit from the Babylon integration in several tangible ways. Bitcoin holders can earn staking rewards securely without transferring their assets, thanks to the UTXO-based locking mechanism. This approach ensures full control over their BTC while allowing for passive income opportunities. Users of PoS chains also benefit from enhanced security, reducing the risks of network attacks. Web3 enthusiasts benefit from a simplified and reliable way to participate in staking and DeFi activities, creating more opportunities for growth and diversification within the ecosystem.
“Our collaboration with Babylon reflects our shared vision to drive innovation and lower barriers to entry in the blockchain space,” said Vivien Lin, Head of BingX Labs and Chief Product Officer of BingX. “For our users, this means safe and transparent access to staking opportunities and improved security. This partnership is therefore a natural extension of our commitment to providing smarter and more secure tools for our crypto investors.”
BingX Labs’ support for Babylon is a significant step toward increased security, accessibility, and innovation in the blockchain landscape. By connecting Bitcoin’s robust network with proof-of-stake systems, the two are ushering in a new era of decentralized finance that empowers users, fosters trust, and expands opportunities for growth.
About BingX
Founded in 2018, BingX is a leading crypto exchange, serving over 10 million users worldwide. BingX offers diversified products and services, including spot trading, derivatives, copy trading and asset management, all designed to meet the evolving needs of users, from beginners to professionals. BingX is committed to providing a reliable platform that offers users innovative tools and features to improve their trading skills. In 2024, BingX is proud to become the official crypto exchange partner of Chelsea Football Club, marking an exciting debut in the world of sport.
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