Venture Capital Firms Coinbase and Pantera Invest $29 Million in Crypto Staking Protocol Symbiotic's Fundraising Round
Let's Talk Crypto Staking: Universal Staking with Symbiotic
Breaking news in the crypto world! Symbiotic, a crypto staking protocol, wrapped up a massive $29 million Series A funding round, led by none other than the renowned Pantera Capital and backed by Coinbase Ventures. This announcement took the crypto community by storm on April 23.
Symbiotic, with its permissionless restaking platform on Ethereum since January, is pushing boundaries with its innovative universal staking framework. Their goal? To create a truly modular framework for all types of cryptocurrency economic coordination. In a nutshell, universal staking goes beyond traditional staking, offering a flexible structure for seamless crypto-economic collaboration.
With its Series A funding, Symbiotic is ready to accelerate its growth. The focus is on building a solid team, enhancing their software development kits, and expanding cross-chain integration. The new software development kits and tools will help facilitate crucial integrations across numerous crypto networks.
Further exciting developments on the horizon include the implementation of slashing mechanisms and advanced risk modeling.
Launched on the Ethereum mainnet in January 2025, Symbiotic has quickly integrated with 14 networks, with 35 more network integrations in the pipeline. Big names like interoperability platform Hyperlane, decentralized finance network Spark, and web3 unification layer Avail are among the projects building with Symbiotic.
Hyperlane lets stakers secure validator sets via Symbiotic vaults, while Spark uses Symbiotic technology for customizable security. Router Chain, a VC-backed chain abstraction web3 service, also taps into Symbiotic for shared security benefits.
In other news, the Omni Foundation revealed a $10 million rewards initiative, targeting the first phase of support for SolverNet users using Symbiotic. The time for universal staking has truly arrived!
Sources:1. DeFi Pulse (https://defipulse.com/)2. Binance Research (https://research.binance.com)3. CoinMarketCap (https://coinmarketcap.com)4. The Block Crypto (https://www.theblockcrypto.com)5. CoinDesk (https://www.coindesk.com)
- Symbiotic, the crypto staking protocol, secured a $29 million Series A funding round led by Pantera Capital and Coinbase Ventures.
- With this funding, Symbiotic aims to focus on building a strong team, enhancing their software development kits, and expanding cross-chain integration.
- Symbiotic's universal staking framework, already on Ethereum since January, is pushing boundaries and offers a flexible structure for seamless crypto-economic collaboration.
- The Omni Foundation launched a $10 million rewards initiative, targeting the first phase of support for SolverNet users who use Symbiotic.
- Symbiotic has integrated with 14 networks, with 35 more network integrations in the pipeline, including Hyperlane, Spark, and Avail.
- Hyperlane lets stakers secure validator sets via Symbiotic vaults, while Spark uses Symbiotic technology for customizable security.
- Router Chain, a VC-backed chain abstraction web3 service, leverages Symbiotic for shared security benefits, demonstrating the symbiotic relationship between different crypto technologies.
