Babylon, a pioneering Bitcoin startup, has secured $70 million in funding to develop a unique staking solution that integrates Bitcoin with other blockchain networks.

Led by Paradigm, a leading crypto venture capital firm, the funding round also featured contributions from Polychain Capital, HashKey Capital and other investors.

Babylon aims to expand the utility of Bitcoin

Babylon intends to leverage Bitcoins security to allow staking on different blockchain platforms. Traditionally, staking is associated with Proof of Stake (PoS) blockchains. Babylon’s approach is new as it seeks to implement Bitcoin, a Proof of Work (PoW), in a system similar to PoS. This helps strengthen the security of other networks and provide new revenue streams for BTC holders.

This funding milestone highlights investors’ growing confidence in innovative solutions and the potential for Bitcoin to play a more versatile role in the broader ecosystem. Prior to Paradigm’s involvement, Babylon raised $33 million in multiple rounds and secured an undisclosed investment from Binance Labs.

“We will continue to push technical boundaries and advance the Babylon ecosystem. Achieving this requires dedicated efforts from both our core team and the broader community. The funds raised will ensure we excel in realizing our vision of a Bitcoin-secured decentralized economy,” Fisher Yu, co-founder of Babylon, told BeInCrypto.

See more information: How to Finance Innovation: A Guide to Web3 Grants

Financing of the Babilônia Chain. Source: Base crunch

Babylon’s strategy could bridge the gap between Bitcoins secure, decentralized nature and flexible smart contract capabilities of PoS networks. The startup has already made significant progress. In February 2024, it launched the world’s first trustless Bitcoin staking testnet, attracting over 100,000 stakers within 48 hours.

Babylon’s $70 million raise is a significant step towards integrating Bitcoin into the staking economy of other blockchains. By leveraging the security of Bitcoin for staking purposes on networks such as Ethereum It is Solana, the project is poised to unlock new opportunities for cryptocurrency users and investors. Its innovative approach could set a precedent for cross-chain integrations, further solidifying Bitcoin’s position.

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In a rare lobbying overlap with the crypto world, Wall Street banks and members of Congress are calling on President Joe Biden to reverse course on his promise to veto the US Congress’s resolution to overturn the US Securities and Exchange Commission’s (SEC) crypto accounting policy.

In recent bipartisan votes, in which many members of Biden’s party rejected his opposition, Congress decided to reject the SEC’s Personnel Accounting Bulletin No. 121 (SAB 121) – a controversial accounting standard that would require banks to handle digital assets of customers differently from other assets. requiring them to be kept on a bank’s balance sheet. Crypto companies have argued that this threatens their ability to do business with banks, and bankers agree.

“SAB 121 effectively prevents regulated banking organizations from offering large-scale custody of digital assets as it treats the assets as if they were owned rather than simply held in custody by a banking organization,” according to a letter to Biden on Friday, signed by several groups including the American Bankers Association and Financial Services Forum. “Institutions that are forced to record digital assets in custody on the balance sheet are subject to higher capital, liquidity and other prudential requirements, unlike their non-bank competitors.”

The letter arrived the same day that Sen. Cynthia Lummis (R-Wyo.) and Rep. Patrick McHenry (R.N.C.) published your own letter to Biden, dated May 30, similarly asking him not to veto, or at least “work with the SEC to rescind the staff guidance.”

“Rescission of SAB 121 is within the authority of the SEC and there is ample precedent for reviewing a team accounting report,” the letter said. “In fact, most staff accounting bulletins over the past three decades have been revisions and rescissions of previous guidance.”

Seven other representatives signed the letter, including Reps. Mike Flood (R-Neb.) and Wiley Nickel (D-N.C.), the resolution’s sponsors.

Biden veto threat the resolution noted that erasing the rule under the Congressional Review Act would mean that nothing similar could be implemented by the SEC in the future, which would “inappropriately restrict the SEC’s ability to ensure appropriate protections and resolve future issues related to cryptoassets, including financial stability .”

The group of 11 Senate Democrats who went against the president included Majority Leader Chuck Schumer (D-N.Y.) and Sen. Ron Wyden (D-Ore.), chairman of the Senate Finance Committee, who said at CoinDesk Consensus 2024 on Friday that the S.E.C. “basically sets a different standard for crypto than everyone else in the financial industry.”

Last week, SEC Chairman Gary Gensler tried to explain SAB 121 as an attempt by the regulator to respond to the turmoil and investor harm that happened in crypto during 2021. He argued that it was “just” a staff bulletin intended to address the fact that the failures of collapsing crypto companies were treating clients’ assets as part of their bankruptcy estate.

Biden has See you on Monday to make a final decision on whether or not to veto the resolution.

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Shiba Inu could see its price soar to a new all-time high if it falls behind Bitcoin, should the leading crypto asset reach the $1 million target.

Being the first and largest crypto asset, Bitcoin (BTC) it often dictates the movement of the broader crypto market. The asset kicked off previous crypto bull markets when its price soared to new highs in each cycle. Remarkably, the rest of the market has always followed suit.

Market watchers expect a similar case this cycle, projecting that altcoin season, a period when other assets outperform Bitcoin, will occur shortly after BTC reaches its peak in the current cycle. However, it is difficult to determine this peak as opinions vary among market analysts.

Bitcoin Price Predictions

Bitcoin already broke last cycle’s all-time high two months ago, setting a new all-time high above $73,000 on March 14. Despite this feat, analysts expect the price to rise this cycle. CEO of Galaxy Digital Mike Novogratz and author of “Rich Dad, Poor Dad” Robert Kiyosaki are two of the industry experts who see BTC reaching $100,000.

However, Binance CEO Richard Teng and Standard Chartered wait Bitcoin will reach US$150,000, while market veteran Raoul Pal sets a goal of $250,000. Meanwhile, Cathie Wood’s Ark Invest predict Bitcoin will reach the ambitious value of US$1 million, but within the next six years. Former Twitter CEO Jack Dorsey also see BTC reaching $1 million.

Bitcoin reaching $1 million remains speculative, but within the realm of possibility. Such a rally could have positive effects on other crypto assets, including Shiba Inu. Although the two assets do not move in a strictly correlated manner, it is possible to make an educated guess by examining several key factors.

Shiba Inu Price If Bitcoin Reaches $1 Million

Bitcoin’s current market cap is $1.354 trillion at the time of reporting. If the price of Bitcoin skyrockets to $1 million, its market value would increase to around $19.7 trillion, assuming supply is at 19.7 million BTC. This scenario represents a 1,354% increase in the market value of Bitcoin.

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If Shiba Inu proportionally mirrored Bitcoin’s market capitalization growth, its market capitalization could similarly increase by 1,354%. Currently, the Shiba Inu’s market value is around $14.3 billion. A proportional increase would bring it to a staggering $208 billion.

With the new projected market capitalization, we can estimate the potential price of Shiba Inu. Currently, the price of SHIB is around US$0.000024, with a total supply of approximately 589 trillion tokens. If its market capitalization increases to $208 billion, the price per SHIB will adjust accordingly to $0.0003531.

These projections are highly speculative due to the volatile nature of the crypto market and can be influenced by a number of factors, including technological advances, regulatory changes and market sentiment. Furthermore, SHIB could go in a different direction due to independent developments.

Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.

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