HONG KONG, October 23, 2024 – Hex Trust, a leading fully-licensed digital asset provider of custody and markets services, is pleased to announce its integration of the Babylon Bitcoin Staking protocol for a full suite of custody, trading and staking services for Hex Trust’s institutional clients on completion of the Babylon mainnet launch. This marks a major milestone in Hex Trust’s push into the burgeoning Bitcoin ecosystem.
Hex Trust is already supporting Babylon’s Phase-1 mainnet launch, where BTC holders initiated the staking process by submitting Bitcoin staking transactions to the Bitcoin blockchain, and as a Finality Provider. The BTC staking protocol attracted 22,891 BTC (~ $1.5 billion) into its Cap-2 within 10 Bitcoin blocks after briefly increasing staked levels, moving closer to the complete launch of its mainnet.
These new deposits instantly vaulted Babylon to the top of the leaderboard for Bitcoin ecosystem projects, with the Lightning Network second at $350 million of TVL, based on DeFi Llama data. The cap was lifted for about 10 Bitcoin blocks over the course of one hour and 23 minutes, with the only restriction being that users could stake no more than 500 BTC per transaction.
This shows the enormous demand for a growing decentralized finance (DeFi) ecosystem built atop the Bitcoin blockchain, previously confined to alternative networks like Ethereum and Solana. Unlocking 21-million BTC and enabling staking, functionality and programmability presents an enormous opportunity to the industry.
Babylon allows proof-of-stake chains to acquire security from the deep reserves stored in the Bitcoin protocol. The protocol allows for the staking of BTC directly on the Bitcoin blockchain, without the need for smart contracts or cross-chain bridges. This enables BTC holders to stake and earn rewards for enhancing the security of Proof of Stake Networks, L2s, and their associated consumer chains. This method represents a significant advancement for Bitcoin’s utility, particularly for institutions looking to use bitcoin beyond its ability to make payments and store value.
Hex Trust is committed to continuously bringing new and cutting-edge products to its institutional client base, and is leading the way in opening up innovative BTC ecosystem solutions to its users. As a finality provider, Hex Trust’s clients will be able to stake their Bitcoin to the Babylon mainnet and earn rewards on day-1 of the launch, all while keeping their private keys secured within a regulated, insured and air-gapped custody environment.
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Calvin Shen, Chief Commercial Officer at Hex Trust, adds: “Supporting Babylon and the growing Bitcoin ecosystems represent an enormous opportunity to Hex Trust and our clients. Over half of the entire market cap of crypto is attributed to a single asset: Bitcoin. Unlocking value on the original digital asset through staking, and ultimately through DeFi, is a huge milestone for the industry and means new utility for Bitcoin holders beyond its traditional role as a store of value.”
"We're thrilled to see Hex Trust's commitment to supporting Babylon and the broader Bitcoin staking ecosystem," says Xinshu Dong, Chief Strategy Officer of Babylon. "Their integration of the Babylon Bitcoin Staking protocol is a testament to the growing demand for secure and accessible staking solutions, particularly among institutional bitcoin holders. We believe this collaboration will play an important role in the adoption of Bitcoin staking and unlocking new opportunities for Bitcoin holders."
For more information on how this can benefit you, contact partnerships@hextrust.com.
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About Hex Trust
Established in 2018, Hex Trust offers regulated institutional digital asset custody, staking, and markets services to builders, investors, and service providers. Get access to our comprehensive, secure, and regulated suite of services built on our proprietary and fully integrated infrastructure.
For more information, visit hextrust.com or follow Hex Trust on LinkedIn, X, and Telegram.
Products or services mentioned in this material are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions nor to all persons.
About Babylon
Supported by top venture funds like Paradigm, Polychain Capital, Bullish, Hack VC, among other investment firms and strategic partners, Babylon is a project that designs Bitcoin security sharing protocols with a vision of building a Bitcoin-secured decentralized world. Its latest development is the world’s first trustless and self-custodial Bitcoin staking protocol, which enables Bitcoin holders to stake their BTC on Proof-of-Stake (PoS) systems such as PoS chains, L2s, Data Availability (DA) layers, etc, enabling them to earn rewards without the need for third-party custody, bridge solutions, or wrapping services. Babylon's approach combines the high security and wide adoption of Bitcoin with the efficiency and scalability of PoS systems, increasing Bitcoin's utility.
For more information about Babylon Labs and the Babylon project, please visit:
