Symbiotic raises $29M for staking-based universal coordination layer

Cryptocurrency staking protocol Symbiotic closed a $29 million Series A funding round led by Web3-focused investment firms, including Pantera Capital and Coinbase Ventures, to support the launch of a new economic coordination layer for blockchain security. The round included more than 100 angel investors, with participation from major industry players including Aave, Polygon and StarkWare, the company said in an April 23 announcement shared with Cointelegraph. The closing of the funding round also marks the launch of Symbiotic’s Universal Staking Framework, which aims to be an economic coordination layer that bolsters blockchain security via staking. The new staking layer enables the use of any combination of cryptocurrencies to secure networks, including monolithic and modular layer-1 and layer-2 blockchains, the announcement stated source: https://cointelegraph.com/news/symbiotic-29m-staking-universal-coordination-layer?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound