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RedStone, Blockchain Oracle Project Pushing Into Restaking, Raises $15M
The fresh round of capital will go towards hiring new team members, according to a press release.
Updated Jul 2, 2024, 2:00 p.m. Published Jul 2, 2024, 2:00 p.m.
RedStone, a provider of oracle data feeds for blockchains, announced Tuesday that it raised $15 million in a series A round, led by Arrington Capital.
The fresh round of capital will go towards hiring new team members, according to a press release. Participation in the round included SevenX, IOSG Ventures, Spartan Capital, White Star Capital, Kraken Ventures, Amber Group, Protagonist, gumi Cryptos, Christian Angermayer's Samara Asset Group and HTX Ventures.
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The announcement comes as RedStone focuses on bringing its oracles to Ethereum’s emerging restaking landscape. In April, RedStone inked a deal with Ether.fi, the largest restaking service on EigenLayer, securing $500 million to help bring RedStone's data oracles to its ecosystem.
“Restaking is one of the areas where we are developing and very attractive for various reasons,” said Jakub Wojciechowski, CEO of RedStone Oracles, in an interview with CoinDesk.
“First, we have a first mover advantage," Wojciechowski said. "A lot of LRTs (liquid restaking tokens, referring to the liquid restaking protocols) started working with us. Second, it is a pretty complex challenge to technically start providing price points, especially for LRTs. We have a very modular and flexible design to cater for that. And in our view, on the business side, it is a very fast, growing and attractive market.”
In addition to providing oracles for restaking protocols, RedStone provides data feeds for Ethereum, zkSync Era, Avalanche, Base, Polygon, Linea, Celo, Optimism, Arbitrum, Fantom, BNB Chain and Blast, according to the press release.
Read more: Ether.Fi Inks $500M Restaking Deal With RedStone Oracles
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