May 28, 2024
Switchboard, a leading provider of oracle solutions for blockchain networks, has secured $7.5 million in Series A funding. Tribe Capital and RockwayX co-led the round, with participation from prominent Web3 players like Solana Foundation, Aptos Labs, and Starkware.
Project | Latest Raise | Latest Raise | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Switchboard | May 28, 2024 | $7.5m | Series A | $11.2m | Tribe Capital & Rockaway | Oracle |
This investment fuels Switchboard's mission to empower the Web3 community with secure and permissionless access to real-world data. Their decentralized oracle networks bridge the gap between decentralized applications (dApps) and valuable off-chain information.
Switchboard stands out for its innovative approach. Unlike some competitors, Switchboard oracles operate within confidential environments, preventing them from seeing the data they collect. This ensures a level playing field for users, who receive the data first-hand.
The funding also accelerates the development of Switchboard On-Demand, a solution designed for low-latency, cost-effective data delivery within blockchain applications. This caters especially to complex financial systems, allowing users to customize how data from various sources is processed and integrated.
With over $1.78 billion in total value secured, Switchboard is a trusted player in the Web3 landscape. This funding round positions them for further growth as they empower developers and communities to build the future of decentralized applications.
About Switchboard
Switchboard is a permission-less, customizable, multi-chain oracle protocol for general-purpose data feeds and verifiable randomness. Switchboard allows developers to connect their applications to real-world data in a secure, customizable, and easy to use way. Switchboard provides data feeds, randomness, and secret storage.
Website: https://switchboard.xyz/
X Account: @switchboardxyz
X Followers today: 50,700
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About Investor
Investor: Tribe Capital
Description: Tribe Capital is a venture capital firm that focuses on capturing a perpetual edge in venture and crypto using data science but are sector and stage agnostic, investing in seed to growth-stage technology companies.
Location: United States
Website: https://tribecap.co/
Investor: Rockaway Blockchain Fund
Description: RockawayX is a venture capital firm backing leading Web3 funds and founders. Based in London, Zurich and Prague, they focus on long-term value creation by providing engineering, liquidity and community support.
Location: Switzerland
Website: https://rockawayx.com/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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