- Bitmax is staking its corporate Bitcoin using Babylon’s protocol without offering the service to retail users.
- Babylon enables self-custodial Bitcoin staking across 70+ PoS networks without wrapping or bridging.
Bitmax, a crypto exchange giant listed on KOSDAQ with the code 377030, suddenly stole the attention of the Asian market. Without much ado, the the management announced that part of the company’s Bitcoin reserves are now “working” through the staking protocol created by Babylon Labs.
This decision may sound simple, but for South Korean institutional players, the move is like parking a gold truck at a new mine—they are not selling assets, but rather maximizing potential returns while still holding the keys to their own vault.
Korea’s largest public BTC holder just made a power move.@bitmax377030 is staking Bitcoin with the @babylonlabs_io Bitcoin staking protocol!
First listed company in Korea to do it.
This is what BTCFi adoption looks like 👇 https://t.co/ajolXB3QLS
— Babylon (@babylonlabs_io) June 23, 2025
Babylon: The Dominant of Bitcoin DeFi TVL
On the other hand, Babylon is not a newcomer who is just trying his luck. Last January, the CNF report highlighted it as being at the top of the BTC DeFi ecosystem. Just imagine, this protocol controls 80% of the total value locked, worth $6.5 billion, by 2024. This figure confirms that Babylon’s native Bitcoin staking solution is indeed popular, especially because it does not use wrapping mechanisms or cross-chain bridges that often make asset owners nervous.
Furthermore, the protocol allows BTC to remain on its native network while being delegated to proof-of-stake (PoS) blockchains to earn yields. Kraken’s retail users have already experienced this, but Bitmax’s decision to stake corporate BTC adds another layer of legitimacy—institutions are getting involved.
A New Era of Bitcoin Utility for Institutions
Babylon’s story doesn’t stop at TVL numbers, however. In April, they partnered with Axelar, a cross-chain interoperability network, to make self-custodial staking available to over 70 PoS blockchains. This means anyone can “sow” Bitcoin in dozens of different gardens without giving up their private keys. Not only that, but on June 20, 2025, Babylon officially went live on Genesis V2 on mainnet.
This new version adds TokenFactory, IBC Callbacks, Packet Forwarding, and Interchain Accounts—all designed to streamline liquidity while also strengthening security. BTCFi’s long-term vision is also outlined through technical articles that discuss layering to cross-chain execution, as if providing a roadmap for anyone who wants to join in anchoring capital.
Back to Samsung-dong, Bitmax’s headquarters. Management is apparently interested in the “keep the keys, but get the profit” combination promised by Babylon. They do not offer staking services to retail users like Kraken; instead, they stake their own corporate Bitcoin. This kind of move is reminiscent of a property company that rents out part of its empty office rather than leaving it dark.
The yield is not as high as DeFi with double-digit interest, around 1% per year, but the asset still sleeps in the same bed—safe, comfortable, and can be woken up at any time even though the unbonding period is approximately seven days.
Furthermore, Bitmax’s decision shows a change in the way Korean institutions view Bitcoin. In the past, crypto assets were often considered mere digital collectibles. Now, with protocols that facilitate staking without intermediaries, Bitcoin is treated like short-term bonds that can generate regular coupons.
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