Quick:
- Arrington Capital led the round with participation from Kraken Ventures, White Star Capital, Spartan Group, Amber Group, SevenX Ventures and IOSG Ventures.
- The company offers a blockchain oracle that provides smart contracts with real-world data on-chain.
- Its modularity brings flexibility and scalability whilst also being able to integrate with different blockchains.
RedStone has completed a $15 million Series A round led by Arrington Capital, with participation from Kraken Ventures, White Star Capital, Spartan Group, Amber Group, SevenX Ventures and IOSG Ventures.
The fundraising also attracted Berachain’s Smokey the Bera and Homme Bera, Mike Silagadze, Jozef Vogel and Rok Kopp of Ether.Fi and Puffer Finance’s Amir Forouzani, Jason Vranek and Christina Chen as angel investors.
The token round was structured as a simple agreement for future tokens (SAFT) RedStone founder and CEO Jakub Wojciechowski told The Block.
RedStone describes itself as a blockchain oracle, which is basically blockchain products that provide real-world data to smart contracts on-chain. However, its product is different from others like Pyth Network and Chainlink, as it leverages modularity to bring flexibility and scalability while the ability to replace different components of the Oracle means it can be easily integrated with different blockchains.
“Due to our modular architecture, our launch on new networks is significantly quicker and we can adjust our flow depending on the market needs, i.e., with the liquid restaking tokens wave, we were the first oracle to support projects like Ether.Fi, Renzo, Puffer and Swell,” Wojciechowski said.
RedStone is chain-agnostic, supporting over 60 blockchains. The platform is also among the largest data oracles with the current total value secured surpassing $1.3 billion according to DeFiLlama data.
RedStone also plans to add Berachain and Monad to its list of supported blockchains and is preparing to launch as an actively validated service on EigenLayer.
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