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.
- 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.
