PANews reported on January 2 that according to BeInCrypto, BingX's innovation department BingX Labs announced a strategic partnership with Bitcoin pledge protocol Babylon, investing $5.3 million in the Babylon project through its $100 million ecosystem fund. BingX Labs said its support for Babylon is a key step in unlocking greater security, accessibility and innovation in the blockchain field.

According to reports, Babylon focuses on introducing Bitcoin into the PoS ecosystem, allowing users to stake Bitcoin for the PoS blockchain and earn returns without the need for third-party custody, bridging solutions or packaging services.

Update: Babylon denies receiving $5.3 million in investment from BingX Labs .