Share this article
DeFi Platform RedStone Raises Nearly $7M to Improve Connectivity Between Blockchains, Real-World Data
The company's new product suite aims to make interoperability between blockchains and external data sources faster and more affordable.
Updated May 11, 2023, 5:41 p.m. Published Aug 30, 2022, 9:00 a.m.
DeFi oracle platform RedStone has raised nearly $7 million to develop a faster, cost-efficient cross-chain oracle for decentralized finance protocols.
According to a Monday press release, Lemniscap led the seed funding round with support from Coinbase Ventures, Blockchain Capital, Distributed Global, Lattice, Arweave, Bering Waters, Maven11 and SevenX Ventures. RedStone, which currently delivers data feeds to more than 30 blockchains, including Ethereum, Avalanche and Polygon, will use the funds to expedite the rollout of its latest product suite with the aim of improving connectivity between blockchains and real-world data.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Lemniscap founder Roderik van der Graaf said in the release it’s important that essential DeFi infrastructure, like the firm’s cross-chain oracle, continues to evolve to support the sprawling DeFi sector.
“While the DeFi space continues to provide fertile ground for innovation, the foundational infrastructure has remained static over time, and is not fit for purpose in today’s rapidly scaling, blockchain-agnostic environment,” said van der Graaf.
Oracles are essential to the DeFi sector because they enable smart contracts to access real-time data, such as digital asset prices, eliminating the need for a central intermediary.
Read More: What Is an Oracle?
Redstone Oracle aims to offer quick and inexpensive connectivity by leveraging a proprietary method for putting data on blockchains, called the EVM connector. This method is intended to quickly and economically aggregate data from external sources like the foreign exchange market and price feeds for long-tail tokens, non-fungible tokens (NFT) and commodities as the data automatically attaches itself to a transaction and erases itself. Currently, RedStone Oracle passes data packages into transaction call data by accessing over 1,000 data feeds, which are updated every 10 seconds.
The company is also developing a more efficient framework for smart contracts to increase interoperability between blockchains and external data sources.
RedStone founder Jakub Wojciechowski said RedStone’s framework for smart contracts will be capable of processing more information, allowing the company's developers to improve on-chain-off-chain connectivity.
“We want to create a smart contract framework that will allow everyone to process large volumes of data,” Wojciechowski told CoinDesk. “That's something which is not possible in other spaces.”
Read More: Making Sense of Blockchain Smart Contracts
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
Top Stories
