Symbiotic raises $29 million for its collaborative Staking platform

Symbiotic, a cryptocurrency staking protocol, has completed a Series A funding round of $29 million, led by Web3 investment companies like Pantera Capital and Coinbase Ventures, aimed at supporting the launch of a new economic coordination layer to enhance blockchain security. This funding round involved over 100 angel investors and major industry names such as Aave, Polygon, and StarkWare, according to the announcement shared by the company on April 23. Closing this funding round also marks the launch of Symbiotic's "Universal Staking Framework", an economic coordination layer aimed at enhancing blockchain security through staking. This new staking layer allows the use of any combination of cryptocurrencies to protect networks, including both monolithic and modular layer-1 and layer-2 blockchains, according to the announcement. "Our goal is to create a flexible framework that allows protocols to change their security model over time while effectively coordinating risks," said Misha Putiatin, co-founder of Symbiotic. "This helps protocols develop their security model seamlessly throughout their lifecycle without needing to rebuild infrastructure."