Solana-based Oracle solutions provider Switchboard announced that it has raised $7.5 million in a Series A investment round led by Tribe Capital and RockwayX, with contributions from Solana Foundation, Aptos, Starkware, Infstones, OtterSec, Lemniscap, Bixin Ventures, Breed, Block Builders, and others. Angel investors, including Mert Mumtaz from Helius, JoeMcCann from Asymmetric Capital, Brian Long from Triton One, Geoff Renaud from Invisible North&Scrib3, Danish Chaudhry from Paper Ventures, Rooter from Solend, and Jack C Liu, also supported the funding round.
According to the announcement by the project on the social media platform X, the new funding will expedite the it’s goal of providing permissionless and secure oracle solutions and empower developers and communities within the Web3 ecosystem.
Switchboard Closes $7.5M Series A RoundWe’re thrilled to announce a strategic raise, co-led by @tribecap and @Rockaway_X, with support from @SolanaFndn, @Aptos, @StarkWareLtd, and more.This investment accelerates our mission to supply permissionless and secure oracle… pic.twitter.com/YAqWDBJuzV
— Switchboard (@switchboardxyz) May 28, 2024
Switchboard offers decentralized Oracle network services that connect decentralized applications (dApps) with real-world data sources. According to DeFiLlama, the platform safeguards more than $1.78 billion in total secured value.
Switchboard develops On-Demand, which is designed to offer a cost-efficient, low-latency, and highly secure data solution tailored to blockchain applications. It is engineered to support sophisticated financial systems, allowing users to define how data from both on-chain and off-chain sources is processed and converted.
While several pull-based blockchain oracles handle data consensus using their Layer 1 infrastructure before propagating it to users, this approach presents some challenges: data staleness may increase before it reaches the user, and Oracle operators might gain an advantage over users before the communicated price becomes actionable.
Notably, Switchboard Oracles operate within confidential runtimes, ensuring that the oracle cannot view the data it collects or the operations it executes. Consequently, end users gain a first-mover advantage through data propagation.
Switchboard Partners With MagmaDAO and Kintsu To Elevate LSTs’ Capabilities On Monad Network
Recently, Switchboard has collaborated with MagmaDAO and Kintsu to enhance the capabilities of liquid staking tokens (LSTs) on the emerging Monad network. This partnership seeks to integrate oracle solutions from Switchboard to guarantee accurate, secure, and efficient data access in real-time.
Additionally, the project has broadened its On-Demand service to serve all EVM Networks, enabling instant data access, cost efficiency at scale, and advanced security features.
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