Quick take:
- The new platform will help networks to secure themselves using any asset without rebuilding from scratch.
- The fundraising also attracted participation from multiple anges from leading blockchain companies including Aave, Polygon and StarkWare.
- Symbiotic’s staking service targets Layer 1s, oracles, bridges, data availability layers and artificial intelligence/ zero knowledge processors.
Symbiotic has announced a $29 million Series A funding round co-led by Pantera Capital and Coinbase ventures. The fundraising was structured as equity with token warrants, and brings the total raised to $34.8 million, following a $5.8 million seed round announced last June.
The company plans to use the fresh capital to expand its crypto-restaking service into a “broader staking” platform, allowing blockchains to secure themselves with any asset an not just their native tokens.
The latest round was structured as equity with token warrants and also attracted participation from multiple angels from leading crypto companies including Aave, Polygon and StarkWare.
Some of the angels mentioned include Stani Kulechov, Sandeep Nailwal, Anton Bukov, Anurag Arjun, Andrew Huang and Eric Wall, Symbiotic co-founder Misha Putiatin told The Block.
Symbotic also boasts backing from Paradigm and cyber•Fund, which co-led the seed round last year.
The company’s staking service targets Layer 1s, oracles, bridges, data availability layers and artificial intelligence/ zero knowledge processors.
Describing its expanding scope for staking after initially starting out as a staking protocol, on Ethereum, Symbiotic said in a statement: “Universal Staking builds on the capital efficiency introduced by restaking but dramatically expands its scope. Rather than focusing solely on shared security, Symbiotic enables any combination of assets to secure any class of network — modular or monolithic, L1 or L2 — while supporting use cases that extend well beyond traditional staking, including insurance and other financial products.”
The company’s staking protocol already features 14 networks but has plans to expand to 35 networks, including Hyperlane, Spark and Avail, following the completion of the Series A round.
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