RedStone, a leading modular oracle, has successfully closed a $15 million Series A round, with Arrington Capital leading the investment. The funding round also saw participation from several prominent firms such as SevenX, IOSG Ventures, and Spartan Capital. This Series A round marks a significant milestone for RedStone, building on its earlier successes and fueling its growth in 2024.
RedStone has experienced rapid growth in recent years, expanding its Total Value Insured (TVS) to over $4 billion and serving a wide range of customers. The company has emerged as a market leader in Liquid Staking Token (LST) and Liquid Rights Token (LRT), securing a historic staking commitment from EtherFi. This partnership has enhanced RedStone’s crypto-economic resilience and laid the foundation for further growth.
With this new funding, RedStone is embarking on a large-scale recruitment campaign to bolster its Marketing and Business Development teams. The company is also preparing to implement Oracle Extractable Value (OEV) and launch its native token later this year, generating significant anticipation in the market.
Since its seed funding round in 2022, RedStone has established itself as the fastest-growing modular oracle, with a presence on all leading EVM networks. The company now provides data feeds to a diverse range of platforms, including Ethereum, Avalanche, and Polygon, while expanding to Bitcoin Layer 2s and high-performance Layer 1s.
RedStone’s success is attributed to its technical expertise and modular approach, which enables it to offer unique data feeds tailored to specific use cases. The company’s ability to support various assets across different networks has made it a preferred partner for many projects in the decentralized finance (DeFi) space.
Jakub Wojciechowski, CEO of RedStone Oracles, expressed excitement about the future opportunities enabled by the Series A funding, emphasizing the company’s commitment to delivering reliable data and expanding its service offerings. Michael Arrington of Arrington Capital praised RedStone’s technical achievements and leadership in the oracle space, highlighting the importance of oracles in the decentralized ecosystem.
Looking ahead, RedStone is gearing up for the launch of the second season of RedStone Expedition, an interactive community engagement initiative that offers participants the opportunity to earn rewards through various activities. This initiative is part of RedStone’s efforts to engage with its community and drive further growth in the market.
Overall, RedStone’s successful Series A round and strategic expansion plans position the company as a key player in the oracle space, poised for continued success in the evolving blockchain landscape.
Article Source
https://thedefiant.io/news/press-releases/redstone-the-fastest-growing-modular-oracle-raises-15m-in-series-a-funding
