RedStone, a company specializing in oracle data feeds for blockchains, has recently secured $15 million in a Series A funding round led by Arrington Capital. The funds will be allocated towards expanding the team. Other participants in the round include SevenX, IOSG Ventures, Spartan Capital, White Star Capital, Kraken Ventures, Amber Group, Protagonist, gumi Cryptos, Samara Asset Group, and HTX Ventures.
The focus for RedStone is centered on integrating its oracles into the evolving Ethereum network. In an effort to broaden its reach, the company recently partnered with Ether.fi, a leading restaking service on EigenLayer. This collaboration aims to bring RedStone’s data oracles to the Ether.fi ecosystem, with a substantial $500 million funding commitment.
RedStone CEO, Jakub Wojciechowski, highlighted the benefits of entering the restaking sector, emphasizing the early mover advantage and technical prowess of their offerings. The company’s modular and adaptable design allows them to efficiently cater to the complex needs of liquid rewrite tokens (LRTs). Wojciechowski sees the restaking market as lucrative and rapidly expanding.
Aside from restaking protocols, RedStone also provides data feeds for various blockchain networks including Ethereum, zkSync Era, Avalanche, Base, Polygon, Linea, Celo, Optimism, Arbitrum, Fantom, BNB Chain, and Blast. This diverse portfolio showcases the company’s commitment to supporting multiple blockchain ecosystems.
The successful funding round and strategic partnerships position RedStone as a key player in the blockchain oracle space, with a strong focus on expanding its presence within the Ethereum network and beyond. With increased resources and a growing team, the company is well-equipped to address the evolving needs of the blockchain industry and capitalize on the growing demand for reliable data feeds and oracles.
Article Source
https://www.coindesk.com/tech/2024/07/02/redstone-blockchain-oracle-project-pushing-into-restaking-raises-15m/amp/
