Binance Labs, the $10 billion venture capital and incubation arm of crypto exchange Binance, has invested in Babylon, a Bitcoin staking protocol, as it continues showing interest in startups in the staking and restaking domains.

Binance Labs did not disclose the size of its investment, but Babylon co-founder David Tse told The Block that the investment had the same structure as Babylon's seed and Series A rounds, which were equity with token warrant rounds. Babylon raised $18 million in Series A funding in December 2023 and $8.8 million in seed funding in 2022.

Binance Labs has lately increased its focus on supporting startups in the staking and restaking verticals. In recent weeks, Binance Labs has invested in Renzo and Puffer Finance, which have quickly risen to become the second and …