2/12/2024 0 Comments Taptap send 65m series seriesTo leverage these facets, Babylon is developing three innovative security-sharing protocols: Bitcoin Staking Protocol, Bitcoin Timestamping Protocol, and Bitcoin Data Availability Protocol. To achieve this, it uses the three primary facets of Bitcoin: its asset, its reliable timestamping service, and its censorship-resistant blockspace. Fisher Yu, Babylon is a blockchain project that designs security sharing protocols for the decentralized economy. The company intends to use the funds to bolster the advancement of its Bitcoin staking protocol, which converts the 21 million bitcoins into a decentralized staking asset for the Proof-of-Stake economy in a trustless way.įounded in 2022 by Stanford Professor David Tse and Dr. ![]() The round was led by Polychain Capital and Hack VC, with participation from Framework Ventures, Polygon Ventures, Castle Island Ventures, OKX Ventures, Finality Capital, Breyer Capital, Symbolic Capital, IOSG Ventures and many other investors. We couldn’t be more excited to be joining them on our mission to bring low-cost, accessible, cross-border financial products to underserved diaspora populations around the world.”įor more details on this update, check here.Babylon, a Palo Alto, CA-based provider of a blockchain project that designs security sharing protocols for the decentralized economy, raised $18M in funding. “We’ve looked at a lot of fintech companies in the space, and think Taptap’s team and community-led approach are best in class. Investor James Kuklinski of Spark Capital remarked: “With the pandemic pushing more than a hundred million people into extreme poverty and countless others into economic hardship, the importance of capital and the ease of moving it where it’s most needed has rarely been greater.” Michael Faye, co-founder and CEO of Taptap Send, said: The importance has never been greater: COVID has “not only had a devastating impact on many recipient communities but also made traditional box-store solutions even more difficult to access,” the update noted. Taptap Send is creating products to “capture this opportunity, providing senders peace of mind with a secure, affordable solution, and recipients with an accessible, convenient way to receive this capital,” the announcement added. The mobile money revolution has also “changed the limits of what is possible with cross-border flows, particularly in frontier markets,” the announcement noted.Ĭonnecting over a billion people to the financial grid for the first time, mobile money allows more consumers to be reached “more quickly, securely and efficiently than ever before,” the update explained. Real-time collaboration becomes a real-world reality. Informal remittances are “estimated to be almost as large as those through formal channels: more than 7x since 2002,” the update revealed. With just a single tap, send whiteboard content and fresh ideas flying from the hub to remote sites. The announcement also mentioned that the formal $540B remittance market is the “largest source of capital for low and middle income countries, surpassing foreign direct investment and official development assistance, combined.” The capital injection should allow the team to further expand “to additional diaspora communities, invest in product development and hire new talent to further improve the quality of service.” ![]() The Fintech firm enables remittances for some of ‘the most underserved markets globally,’ according to a release. Taptap Send offers individuals an intuitive, convenient platform to perform cross-border transactions instantly and without fees.
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