The Switzerland-based startup with Polish roots RedStone has announced the closure of its $15 million Series A round led by Arrington Capital. The latest funding round has initiated an extensive hiring campaign for RedStone. The company told AIN the details via press release.
About RedStone
- Founded in 2021 by Jakub Wojciechowski and Marcin Kazmierczak, RedStone creates a multichain database that provides pricing information for smart contracts and DeFi protocols.
- The company has two data-focused products, RedStone Oracles and Warp. RedStone Oracles is a new generation of blockchain oracles with a novel architecture that optimizes the way data is delivered to decentralized Apps. And Warp is a data-processing Smart Contract layer on top of the Arweave data storage chain.
- Over the years, RedStone elevated its Total Value Secured (TVS) from $250 million to over $4 billion, expanded to over 60 chains, and served over 100 clients including Pendle, Morpho, and Venus. In addition, RedStone claims that it is the sole production-ready Oracle building an Actively Validated Service (AVS) on top of EigenLayer to utilize up to $18 billion of restaked value.
Investment details
- The round is led by Arrington Capital, a venture capital firm based in Washington that focuses on blockchain-based capital markets.
- Other investors like SevenX, IOSG Ventures, Spartan Capital, White Star Capital, Kraken Ventures, Amber Group, Protagonist, gumi Cryptos, Christian Angermayer’s Samara Asset Group also participated in the financing
Today’s announcement further underlines RedStone’s status as the undisputed leader in yield-bearing assets price feed delivery. This Series A round gives us ample financial runway to broaden our suite of services while bringing reliable real-world data to a host of blockchain-based protocols. Sincere thanks to our investors and community for their fervent support, and believe me when I say that – we are just getting started,
Jakub Wojciechowski, CEO of RedStone Oracles, said.
The fresh capital will help the company to expand its Marketing and Business Development teams to drive substantial growth in the third and fourth quarters of the year. Currently, RedStone conducts tests for the implementation of Oracle Extractable Value (OEV). Additionally, the startup plans to launch its native token later this year.
