Bedrock Secures Strategic Funding to Fuel Liquid Restaking Innovation and Bitcoin Staking

Bedrock, a liquid restaking protocol, secured funding from investors like OKX Ventures and LongHash Ventures to enhance its solutions and expand its reach. Bedrock has established itself as a reliable liquid restaking platform with services aligning with institutional standards. With a combined TVL of over $200 million in uniETH and uniIOTX, Bedrock continues to innovate by offering cross-chain restaking on platforms like Arbitrum and Linea. Notably, Bedrock's upcoming introduction of liquid staked Bitcoin (uniBTC) on Babylon is poised to disrupt the staking landscape.

Bedrock Secures Strategic Investments to Accelerate Liquid Restaking Innovation

Singapore, May 01, 2024 - Bedrock, the leading multi-asset liquid restaking protocol, has secured a significant investment round from a consortium of renowned venture capital firms and angel investors. The funding will empower Bedrock to accelerate the development of its liquid restaking solutions and drive further growth.

Investment Leadership and Participation

The investment round was led by OKX Ventures, LongHash Ventures, and Comma3 Ventures. Waterdrip Capital, Lbank Labs, Amber Group, ArcheFund, Whale Ground, and angel investors, including Babylon Co-Founder Fisher Yu, also participated in the funding.

Solidifying Leadership in Institutional-Grade Liquid Restaking

Since its inception, Bedrock has emerged as a trusted provider of institutional-grade liquid restaking services. The protocol's combined Total Value Locked (TVL) for both Ethereum (uniETH) and IoTeX (uniIOTX) currently exceeds $200 million. Bedrock has recently expanded its offerings to include native cross-chain restaking on Arbitrum, Linea, Scroll, and Manta, with plans for further expansion in the near future.

Groundbreaking Innovation in Bitcoin Staking

Bedrock is poised to revolutionize the staking landscape by offering users access to staking on Bitcoin. As the first protocol built natively on Babylon, Bedrock will introduce liquid staked Bitcoin (uniBTC) in anticipation of Babylon's mainnet launch. This innovation will enable users to earn staking rewards while maintaining their Bitcoin liquidity and participating in other decentralized finance (DeFi) activities.

Addressing Capital Dormancy and Dependence

The concept of earning native staking rewards from restaking while contributing to security has driven the rapid adoption of Ethereum restaking. Bitcoin staking has the potential to replicate this success by unlocking over $1 trillion in idle capital in 2024, addressing capital dormancy in Bitcoin and reducing capital dependence for Proof-of-Stake (PoS) chains.

About Bedrock

Bedrock is a pioneering liquid restaking protocol that has established itself as a leader in decentralized infrastructure. With its institutional-grade liquid restaking token uniETH on EigenLayer and its position as the largest liquid staking protocol on IoTeX, Bedrock has amassed a cumulative TVL of over $200 million. The protocol's robust technology has enabled it to expand into multi-asset restaking, bringing institutional-grade infrastructure to the broader cryptocurrency community.

About Babylon

Babylon is a blockchain project founded in 2022 by Stanford Professor David Tse and Dr. Fisher Yu. The project focuses on designing security-sharing protocols for the decentralized economy. Professor Tse, a member of the U.S. Academy of Engineering, is renowned for his invention of the proportional-fair scheduling algorithm for wireless communications. Babylon utilizes Bitcoin in three primary facets to innovate three security-sharing protocols: Bitcoin Staking Protocol, Bitcoin Timestamping Protocol, and Bitcoin Data Availability Protocol. Through these protocols, Babylon envisions a more secure and decentralized future.

Media Contact:

Junie Yeo, Head of Marketing
Bedrock
support@bedrock.technology