a16z Crypto Invests $15M in Babylon #ad a16z has invested $15M to support the development and expansion of Babylon BTCVaults. Key Features of BTCVaults - BTC is locked directly on the Bitcoin chain - External systems cryptographically verify collateral status - BTC can be used as collateral without transferring, converting, or wrapping $BABY Token Utilization - Babylon BTCVaults provides a new platform to increase the utility of the BABY token - BABY is the core token responsible for coordination, security, and yield in BTCVaults ⚙ Original Announcement 💬 - With BTCfi currently receiving little attention, the primary goal of BTCfi projects is to attract BTC holders, especially institutions. - Compared to the total size of BTC, the inflow of funds into BTCfi is very small, and Babylon seems to be trying to solve this by allowing the use of native Bitcoin without centralized custody or wrapping through BTCVaults.