Babylon, a bitcoin staking protocol under development, has raised $18 million in a Series A funding round co-led by Polychain Capital and Hack VC.

Other investors in the round include Framework Ventures, Polygon Ventures, Castle Island Ventures, OKX Ventures and Symbolic Capital, Babylon said Thursday. The project began raising for the round at the end of July and "just closed it," David Tse, co-founder of Babylon and an engineering professor at Stanford University, told The Block.

It was an equity plus token warrant round — the same structure as Babylon's $8 million seed funding round disclosed in March — Tse said. He declined to comment on Babylon's valuation with the round.

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