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.
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...
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