RedStone, a blockchain oracle company, has successfully completed a $15 million Series A round led by Arrington Capital. Other participants in the round include Kraken Ventures, White Star Capital, Spartan Group, Amber Group, SevenX Ventures, and IOSG Ventures. The funding also attracted angel investors such as Smokey the Bera and Homme Bera from Berachain, as well as key individuals from Ether.Fi and Puffer Finance.
The company’s blockchain oracle provides real-world data to on-chain smart contracts and distinguishes itself from competitors like Pyth Network and Chainlink through its modular architecture, which offers flexibility and scalability. By being able to replace various components of the oracle, RedStone can easily integrate with different blockchains and has already announced plans to add Berachain and Monad to its list of supported blockchains.
RedStone is blockchain-agnostic, supporting over 60 blockchains, and is one of the largest data oracles in the industry with total value locked exceeding $1.3 billion according to DeFiLlama data. The company’s CEO, Jakub Wojciechowski, emphasized the importance of modularity in speeding up their launch on new networks and adjusting their operations based on market needs.
As part of their expansion plans, RedStone is preparing to launch as an actively validated service on EigenLayer and aims to continue growing its network of supported blockchains. The company also encourages interested individuals to stay updated on their developments by subscribing to their newsletter and following them on social media platforms such as X and Telegram.
Overall, RedStone’s successful Series A funding round, led by prominent investors in the blockchain and cryptocurrency space, highlights the growing interest in blockchain oracles and the importance of real-world data in smart contract applications. With a focus on flexibility, scalability, and integration across various blockchains, RedStone is well-positioned to continue its growth and innovation in the industry.
Article Source
https://www.nftgators.com/redstone-secures-15m-series-a-round-for-its-modular-blockchain-based-oracle/
