RedStone Oracles, a company that connects blockchain networks to external data, recently raised $15 million in seed funding led by Arrington Capital. This funding round included participation from various other investors, bringing RedStone’s total funding to over $22 million. The company provides data feeds for over 60 blockchain networks and differentiates itself in the market by offering various models for accessing external data.
RedStone’s CEO, Jakub Wojciechowski, stated that this funding will allow the company to expand its services and deliver trusted data to blockchain-based protocols. The company has plans to expand into Bitcoin-based scaling networks and high-throughput chains in the future. RedStone has also introduced a new model that provides on-demand data dynamically injected into transactions to reduce costs.
Additionally, RedStone is focusing on the Ethereum re-staking industry, where users can lock cryptocurrency tokens on a blockchain to earn rewards. The company signed a $500 million agreement with Ether.fi and is planning to launch an Extractable Value Oracle product and a native token later this year. The funding will also be used for hiring and expanding the company’s marketing and business development divisions.
In conclusion, RedStone Oracles is a leader in providing yield-generating asset price insights and trusted data for blockchain networks. The company’s recent funding round will support its expansion and the launch of new products in the near future.
Article Source
https://siliconangle.com/2024/07/03/blockchain-oracle-redstone-raises-15m-bring-outside-data-networks/