Oracle Platform RedStone Raises $7M
What happened
RedStone, a cross-chain oracle platform, has closed a $7 million seed funding round. The company provides data services for DeFi protocols on both Solana and EVM-compatible chains. The funds will be used to develop novel oracles that bypass expensive on-chain storage, aiming to support more complex and automated DeFi applications.
Why it matters
- The seed funding round was led by Lemniscap and included notable investors such as Coinbase Ventures, Blockchain Capital, and Arweave. - RedStone was founded in 2021 by Jakub Wojciechowski, who serves as the CEO. This funding round follows a previous $525,000 raise in July 2021. - The platform utilizes the Arweave blockchain for data storage, creating an affordable and permanent audit trail for its data feeds. - RedStone offers three distinct data delivery models: a "pull" model (RedStone Core) that bundles data with transactions to save on gas fees, a traditional "push" model (RedStone Classic), and a low-latency model for advanced derivatives (RedStone X) designed to prevent front-running. - The company has recently become the primary oracle partner for Securitize, a leader in asset tokenization, to provide price feeds for on-chain funds from major financial institutions like BlackRock and Apollo. - In a move to expand its services, RedStone acquired Credora, a DeFi risk assessment platform backed by S&P Global and Coinbase, to integrate on-chain risk ratings with its real-time data feeds. - The oracle provider already supplies data to over 40 blockchain platforms, including Ethereum, Avalanche, Polygon, and non-EVM chains. - Co-founder Marcin Kaźmierczak previously worked as a product manager at Google Cloud and was featured in Forbes 30 under 30 Poland.
Key numbers
- RedStone, a cross-chain oracle platform, has closed a $7 million seed funding round.
- RedStone was founded in 2021 by Jakub Wojciechowski, who serves as the CEO.
- This funding round follows a previous $525,000 raise in July 2021.
- The oracle provider already supplies data to over 40 blockchain platforms, including Ethereum, Avalanche, Polygon, and non-EVM chains.
What happens next
- In a move to expand its services, RedStone acquired Credora, a DeFi risk assessment platform backed by S&P Global and Coinbase, to integrate on-chain risk ratings with its real-time data feeds.
- The funds will be used to develop novel oracles that bypass expensive on-chain storage, aiming to support more complex and automated DeFi applications.
Quick answers
What happened in Oracle Platform RedStone Raises $7M?
RedStone, a cross-chain oracle platform, has closed a $7 million seed funding round. The company provides data services for DeFi protocols on both Solana and EVM-compatible chains. The funds will be used to develop novel oracles that bypass expensive on-chain storage, aiming to support more complex and automated DeFi applications.
Why does Oracle Platform RedStone Raises $7M matter?
The seed funding round was led by Lemniscap and included notable investors such as Coinbase Ventures, Blockchain Capital, and Arweave. RedStone was founded in 2021 by Jakub Wojciechowski, who serves as the CEO. This funding round follows a previous $525,000 raise in July 2021. The platform utilizes the Arweave blockchain for data storage, creating an affordable and permanent audit trail for its data feeds. RedStone offers three distinct data delivery models: a "pull" model (RedStone Core) that bundles data with transactions to save on gas fees, a traditional "push" model (RedStone Classic), and a low-latency model for advanced derivatives (RedStone X) designed to prevent front-running. The company has recently become the primary oracle partner for Securitize, a leader in asset tokenization, to provide price feeds for on-chain funds from major financial institutions like BlackRock and Apollo. In a move to expand its services, RedStone acquired Credora, a DeFi risk assessment platform backed by S&P Global and Coinbase, to integrate on-chain risk ratings with its real-time data feeds. The oracle provider already supplies data to over 40 blockchain platforms, including Ethereum, Avalanche, Polygon, and non-EVM chains. Co-founder Marcin Kaźmierczak previously worked as a product manager at Google Cloud and was featured in Forbes 30 under 30 Poland.
