RedStone Oracles Secures $15M Series A Funding Round
RedStone Oracles, renowned as the “fastest-growing modular oracle,” has successfully closed a $15 million Series A funding round led by Arrington Capital.
This investment is pivotal in advancing their blockchain oracle capabilities, particularly in optimizing gas fees for Ethereum Virtual Machine (EVM) and rollup-as-a-service (RaaS) networks.
Since its inception in 2021 and subsequent mainnet launch in January 2023, RedStone has rapidly gained traction, serving over 100 clients and managing assets totaling $4 billion.
The funding round saw participation from Spartan, IOSG Ventures, SevenX, Amber, HTX Ventures, and notable angel investors, highlighting confidence in RedStone’s ability to innovate within the DeFi sector.
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With a focus on supporting more than 60 blockchains, RedStone aims to reduce transaction costs significantly by minimizing data redundancy across multiple chains.
Their approach not only enhances operational efficiency for decentralized applications (DApps) but also reinforces their position as a major player in the oracle market, currently ranked sixth by Total Value Secured (TVS) across 38 protocols according to DefiLlama data.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
