DeFi Oracle RedStone Secures $15M in Series A Funding

IconCryptoNewsTerminal Staff02 Jul, 2024

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DeFi Oracle RedStone Secures $15M in Series A Funding

RedStone, a decentralized finance (DeFi) oracle network focused on Layer 1 and Layer 2 Ethereum Virtual Machine (EVM) compatible chains, has raised $15 million in Series A funding. The funding round was led by Arrington Capital with participation from Kraken Ventures, White Star Capital, Spartan Group, Amber Group, SevenX Ventures, and IOSG Ventures. The funds will be used to further develop RedStone's oracle technology, expand its team, and launch its native RED token. The RED token will have a total supply of 1 billion tokens and is expected to be launched later this year. RedStone's oracle network provides secure and reliable data feeds for DeFi applications. The network uses a combination of on-chain and off-chain data sources to ensure the accuracy and timeliness of its data. RedStone is currently integrated with several DeFi protocols, including Aave, Compound, and Uniswap. The raise comes at a time of growing demand for reliable oracle solutions in the DeFi space. As DeFi protocols become more complex, the need for accurate and timely data has become increasingly important. RedStone is well-positioned to capitalize on this growing demand with its focus on providing high-quality data feeds for DeFi applications.

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