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Popular blockchain startup, RedStone, has raised $7 million in its latest seed funding round. The blockchain firm announced the development in a press release on Tuesday. The funding round was led by Lemniscap.
Other participants in the round include Blockchain Capital, Coinbase Ventures, Distributed Global, Lattice Fund, Arweave, KR1 plc, Bering Waters, Maven11, SevenX, Folius Ventures, Numerous, The Graph, 4SV, Permanent Ventures, and Compute Ventures. Redstone runs as a next-generation cross-chain data oracle that provides pricing data for financial protocols.
The Founder of Redstone, Jakub Wojciechowski, has reacted to the development. According to him, “today’s announcement represents yet another strong seal of approval for our unique value proposition from some of the most reputable and renowned investors in the blockchain and DeFi sector.”
He added that the company intends to use the funds to broaden accessibility to its signature Oracle and Warp Contracts solutions. According to Wojciechowski, It is directed to the contours of today’s rapidly evolving DeFi and Web3 landscape.
In addition, the Founder of Lemniscap, Roderik Van der Graaf, justified Lemniscap’s reason for supporting RedStone. According to him, the firm is continuously bringing out its credentials as the oracle platform of preference for DeFi users.
Also, Graaf noted that RedStone plans to provide more affordable storage with a permanent audit trail. According to him, other oracles running the current decentralized finance (DeFi) platforms are usually slow and expensive for developers to use.
RedStone utilizes Arweave’s highly secure and low-cost decentralized storage infrastructure to sample data sources and store information. This allows the protocol to furnish an entirely auditable historical audit trail of information.
This is not the first time RedStone has initiated a seed funding round to enhance its operations and technology. In July 2021, it raised $525,000 in a seed funding round led by Maven 11 Capital.
According to Wojciechowski, the success of a DeFi protocol depends on the site to provide quick and accurate data. He further that reliable sources can only supply the data. The CEO boasted that RedStone had become a prominent DeFi contributor, with over 1,000 assets tracked from 46 sources.
He said RedStone’sattemptst to obtain data from several crypto exchanges. Thifrommove, according to him, is done to avail customers of the best prices at all times.
DeFi market enjoying massive investments
The DeFi industry has enjoyed massive investments from companies in recent years. According to DeFi pulse analysis, the total value locked (TVL) in the decentralized financial protocols is $34.37 billion.
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- Polygon Co-Founder leads funding round for Web3 initiative
- thirdweb completes a $24 million funding round
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