RedStone Raises $7 Million in Seed Round

Image 1 : RedStone Announced $7M Raises
Image 1 : RedStone Announced $7M Raises

Redstone continues to take firm steps forward to continue Web3 innovation with a new approach to on-chain data storage. In August 2022, Lemniscap announced that it had raised $7 million in funding in a seed round led by Lemniscap. The funds will play a significant role in the further development of decentralized RedStone Oracles and modules data processing Smart Contracts called Warp in Arweave. 

Infrastructure Built by Web3 Builders for

 Web3 Builders RedStone creates two data-driven products:

  1. RedStone Oracles – Provides price data feeds covering long tail tokens, Forex, commodities and much more in a truly scalable and cross-chain manner. The new product design provides resilience to network congestion and ensures data is delivered to projects every few seconds. Also, projects can integrate RedStone Oracles once and use it in any L1 or L2 chain they want to expand thanks to its storage-free architecture (data is transferred via meta-transactions that bypass expensive EVM storage).
  2. Warp Contracts — A modular Smart Contract platform at the top of the Arweave storage chain, providing unmatched computational efficiency by separating storage from computation. Warp Contracts can be applied to specific applications i.e. DEN for gaming, DEN for DeFi, DEN for NFT market, etc. It optimizes throughput with the implementation of Decentralized Execution Networks (DEN) focused on specific applications such as

Unlocking the True Potential of Web3

RedStone provides scalable data infrastructure to builders, which is the invaluable missing piece of the blockchain puzzle needed to advance innovation. Its products allow projects to be adapted directly to their specific needs. It can also easily stream data to the Oracle ecosystem so that creators can take advantage of different types of data that have never been used in Web3 and create projects that were not previously feasible.

“While the DeFi space continues to provide a fertile ground for innovation, the underlying infrastructure has remained static over time and is not fit for purpose in today’s rapidly scaling, blockchain-neutral environment. Given the conveyor belt of advanced DeFi protocols hitting the market, the need for decentralized oracles capable of handling large amounts of data has never been more apparent. We are excited to support RedStone as the company continues to underline its identity as the Oracle platform of choice for industry-wide DeFi users.”

– Roderik van der Graaf, Founder of Lemniscap

RedStone was released in the first half of 2021 due to the real developer need. From its launch to date, it has managed to secure pre-seed and seed rounds from global top-tier funds. It has released 2 developer-oriented products and has grown its client portfolio using Oracles Warp contracts on various chain main networks such as Ethereum, Avalanche, Arweave, Polygon, Celo.

Funding will allow us to grow the core team, maintain a strong presence at international conferences and hackathons, and expand our partnerships with a variety of blockchains, protocols and applications. 

“Today’s announcement represents another strong seal of approval for our unique value proposition from some of the most respected and renowned investors in the blockchain and DeFi industry. From day one, we’ve been clear in our goals of setting the standard for fast, affordable connectivity between blockchains and real-world data. This funding round will help us expand accessibility to our signature Oracle and Warp Contracts solutions that are tailored to outline today’s rapidly evolving DeFi and Web3 environment.”

VISIT OUR OTHER BLOGS : STARTUPS

Nothing on the website (cryptodataspace.com) constitutes professional and/or financial advice. All the content on the website is for informational purposes only. We have prepared all information herein from sources we believe to be accurate and reliable. However, such information is presented as is,” without warranty of any kind – whether expressed or implied. You acknowledge and agree that there are numerous risks associated with purchasing cryptocurrencies.