Quick take:

  • Rockwayx was the other co-lead in the round with participation from Solana Foundation, Aptos and StarkWare.

  • The company is developing On-Demand, an oracle solution that it labels as being fast, permissionless, and customisable.

  • Switchboard currently boasts $1.75 billion in total value secured according to DeFiLlama data.

Switchboard a blockchain data oracle solutions provider has completed a $7.5 million strategic round co-led by Tribe Capital and Rockwayx. Solana Foundation, Aptos and StarkWare also joined the round with Helius Labs CEO Mert, Joe McCann, Brian Long, Geoff Renaud, DJ Chaudhry, Rooter and theackheavy joining as angel investors.

Switchboard also boasts backing from Mysten Labs, InfStones Global, OtterSec, Ascensive Assets, Bixin Ventures, Breed VC, Block Builders VC and Lemniscap. 

According to a post on the company’s X Account, Switchboard plans to use the capital to accelerate the development of its permissionless and secure oracle solutions for developers and communities.

Switchboard’s main product, On-Demand delivers a fast, permissionless, and customisable oracle solution, linking decentralised applications and real-world data.

According to the product documentation, On-Demand creates a low-latency, secure and cost-effective data solution for decentralised apps.

“Switchboard Oracles are run inside confidential runtimes, preventing the oracle from observing the data they are collecting or operations they perform. Hence, the end-user has the first look advantage via data propagation,” the document reads.

The oracle is also designed with high-fidelity financial systems in mind, allowing users to specify how data from on-chain or off-chain sources is ingested and transformed.

In the announcement, Switchboard said it already has over $1.75 billion in total secured value.

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The post Tribe Capital Co-leads $7.5M Strategic Round for On-Chain Oracle Developer Switchboard appeared first on NFTgators .