June 2, 2024
RedStone, a leading provider of oracle data feeds for blockchains, has secured $15 million in a Series A funding round led by Arrington Capital and also attracted participation from a prominent group of investors, including Kraken Ventures, White Star Capital, Spartan Group, Amber Group, SevenX Ventures, and IOSG Ventures. Additionally, angel investors from Berachain, Ether.Fi, and Puffer Finance joined the funding round.
This influx of capital will fuel the expansion of RedStone's team and further development of their innovative oracle platform.
Project | Latest Raise | Latest Raise | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
RedStone | June 2, 2024 | $15M | Series A | $22.9M | Arrington Capital | Oracle |
RedStone's technology bridges the gap between real-world data and blockchain smart contracts. Unlike traditional oracles, RedStone utilizes a modular design, offering flexibility and scalability. This modularity allows for seamless integration with various blockchains, including Ethereum, zkSync Era, Avalanche, Polygon, and over 60 others. RedStone currently boasts the title of one of the largest data oracles, with a total value secured exceeding $1.3 billion.
The company is experiencing significant traction in the emerging field of liquid restaking tokens (LRT). In April, RedStone partnered with Ether.fi, the largest restaking service on EigenLayer, to bring their data oracles to its ecosystem. This move solidified RedStone's first-mover advantage in the LRT space. Restaking is an attractive area for Redstone as Jakub Wojciechowski, CEO of RedStone Oracles commented that Redstone have a first-mover advantage and a modular design that caters to the complexities of LRTs.
Beyond its focus on restaking, RedStone's platform offers a diverse range of data feeds for various blockchains. Their modular design allows RedStone to adapt and launch oracles on new networks quickly, as evidenced by their swift support for projects like Ether.Fi in the LRT wave.
Looking ahead, RedStone plans to expand its reach by integrating with Berachain and Monad blockchains. They are also preparing to launch an actively validated service on EigenLayer. With a strong foundation and a focus on innovation, RedStone is well-positioned to play a leading role in the future of blockchain oracles.
About Redstone
RedStone looks to mitigate the presented issues faced by blockchain projects by offering flexible and affordable oracle solutions. The ecosystem has changed dramatically and current DeFi protocols require more data delivered at lower latency; RedStone offers a radically different design of Oracles catering for the needs of modern Defi protocols.
Website: https://redstone.finance/
X Account: https://x.com/redstone_defi
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About Investors
Investor: Arrington Capital
Arrington Capital is a venture capital firm based in Miami, Florida, with a strong focus on digital assets and Web3 technologies. Founded in 2017 by Michael Arrington, who also established the well-known venture capital firm CrunchFund, Arrington Capital has emerged as a key player in the blockchain investment landscape.
The firm is known for its thesis-driven approach, backing early-stage ventures with high growth potential within the crypto ecosystem. Their portfolio boasts investments in a wide range of companies, including blockchain infrastructure providers, decentralized finance (DeFi) protocols, and non-fungible token (NFT) marketplaces.
Website: https://www.arringtoncapital.com/
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