Symbiotic raises $29 million for equity-based generic coordination layer

Cryptocurrency staking protocol Symbiotic has closed a $29 million Series A funding round led by Web3-focused investment firms such as Pantera Capital and Coinbase Ventures to support the launch of a new economic coordination layer for blockchain security.

The round attracted more than 100 angel investors, including major industry players such as Aave, Polygon, and StarkWare, the company said in an announcement shared on April 23.

The closing of the round also marks the launch of the Symbiotic Universal Staking Framework, which aims to be an economic coordination layer that enhances blockchain security through staking.

The new staking layer allows any combination of cryptocurrencies to be used to secure the network, including monolithic and modular layer 1 and layer 2 blockchains, the announcement said.

“We have created a modular framework that enables protocols to evolve their security models over time while efficiently orchestrating risk,” Symbiotic co-founder Misha Putiatin informed. “This allows protocols to seamlessly evolve their security models at every stage of their lifecycle without rebuilding infrastructure.”