Babylon, the self-custodial Bitcoin staking protocol, will launch its mainnet on August 22, 2024. The launch brings a “third native use-case of Bitcoin” to users, adding staking to its store of value and payment, Fisher Yu, co-founder of Babylon, said.

Babylon, a self-custodial Bitcoin staking protocol, has announced the launch of its phase-1 mainnet as it eyes the growing decentralised finance market on the leading blockchain network. Babylon announces Bitcoin staking mainnet In an announcement on Monday, the protocol revealed its mainnet launch will go live on August 22, 2024. The first phase of the mainnet will allow BTC holders to stake their coins with the self-custodial protocol.

Meanwhile, upcoming phases will see the Bitcoin protocol allow proof-of-stake networks to tap into the $1 trillion bitcoin network security. Projects that can gain access to and utilise this ecosystem include layer-2 chains, data availability layers and oracles. “This launch leads to the third native use-case of Bitcoin, the asset beside value storage and simple payment: stake to secure networks and earn,” Fisher Yu, co-founder of the Babylon project, said. “We expect this to enhance the crypto-economic security of PoS chains and other decentralised applications, offering them a more secure and reliable infrastructure, while at the same time unlocking the value from the idle, unencumbered $1 trillion Bitcoin ecosystem.” Babylon’s announcement comes after the platform raised $70 million in a funding round led by crypto venture capital firm Paradigm. Mainnet is supported by more than 200 finality providers, including Allnodes, Galaxy Digital, P2P, Figment, Luganodes, and Stakefish. The project has also received support from top wallets such as Binance Web3 Wallet, OKX Web3 Wallet, Bitget Wallet, Keystone and TomoWallet.

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AC Milan has signed Bitpanda as its premium crypto trading partner for 2024/25. The partnership includes branding coverage at the San Siro stadium; the deal value is undisclosed. This trend reflects a broader move by sports teams to partner with web3 companies.

AC Milan has announced a new sponsorship agreement with Bitpanda, marking a notable shift towards the web3 sector for the prestigious football club. The 2024/25 season will see Bitpanda, a leading crypto trading platform, become the premium sponsorship partner and official crypto trading partner of AC Milan.  The partnership will feature prominent branding coverage across the iconic San Siro stadium, although the financial details of the deal have not been disclosed. High-visibility branding opportunities for Bitpanda AC Milan’s new deal with Bitpanda is part of this evolving landscape, as sports teams explore new revenue streams and innovative partnerships.  The deal provides Bitpanda with high-visibility branding opportunities at the San Siro, enhancing the exchange’s profile in the global sports arena. This move not only aligns AC Milan with cutting-edge technology but also places Bitpanda at the forefront of crypto-related sports sponsorships. The collaboration between AC Milan and Bitpanda reflects a broader trend within the sports industry, where professional teams in Europe and North America are increasingly seeking sponsorships from web3 companies.  A growing number of professional sports teams in Europe and North America are keen to court sponsorships from companies in the web3 sector, whether that company happens to be a crypto exchange or a crypto casino site, a broker or a p2p platform. Teams are turning to these partnerships to tap into the growing digital economy and engage with tech-savvy audiences who are invested in the future of cryptocurrency and blockchain technology. Similar moves by other football clubs AC Milan is joining a growing list of clubs that have embraced crypto and web3 sponsorships.  Notably, Tottenham Hotspur recently announced Kraken, a major cryptocurrency exchange, as its new sleeve sponsor. This partnership underscores the increasing acceptance and integration of digital currency companies into mainstream sports.  Furthermore, Crypto.com has secured a multi-year sponsorship deal with the UEFA Champions League, a deal that insiders speculate could be worth hundreds of millions of dollars.  These agreements highlight a significant shift in how sports organizations are leveraging the digital economy to enhance their brand value and reach. As sports teams like AC Milan and Tottenham Hotspur align themselves with web3 companies, they not only open up new revenue channels but also connect with a demographic that is deeply engaged with the digital and financial technologies shaping the future.  The AC Milan-Bitpanda deal is a prime example of how traditional sports institutions are innovating and adapting to the evolving landscape of global sponsorships and partnerships.

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