“The ability for holders to stake their bitcoin whilst retaining their keys is a significant breakthrough. It is a hard problem that has been solved by Babylon,” states Bullish Capital CEO, Alasdair Foster.
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The investment will drive the development of their Bonsai computing platform, empowering developers to build scalable, trustless, and decentralized applications.
The announcement comes after CNBC reported that Michael Rubin’s sports platform company Fanatics is divesting its 60% stake in Candy Digital.
Through this partnership, the companies aim to offer investors an unprecedented combination of solutions and information that give structure to the complex and fast-moving digital assets ecosystem.
Bullish is backed by prominent investors, including Peter Thiel’s Thiel Capital and Founders Fund, Alan Howard, Louis Bacon, Richard Li, Christian Angermayer’s Apeiron Investment Group, Galaxy Digital, and global investment bank Nomura.
Galaxy Digital is offering this loan against Bitcoin as collateral. It will allow Argo to retain its current Bitcoin holding, whilst further expanding its mining operations. The loan has been secured for a duration of six months.