Switchboard, an Oracle developer, earns $7.5 million in Series A funding

  • Switchboard, a web3 oracle developer, raised money in a Series A round led by Tribe Capital and RockawayX together.
  • With the money, Switchboard intends to create use cases for web3 developers and community members and enhance its oracle tools.

Tribe Capital and RockawayX led a $7.5 million Series A fundraising round for Switchboard, an on-chain oracle firm.

Additional funding for the Series A round was provided by Aptos, StarkWare, and the Solana Foundation. Lemniscap, InfStones Global, OtterSec, and Sui developer Mysten Labs are among the other Switchboard supporters, according to a post made by the startup on the social media site X.

The company intends to utilize the money to increase community members’ and web3 developers’ access to its Oracle tools and use cases.

Switchboard connects decentralized applications with real-world data by offering permissionless oracle network services. According to Switchboard’s developer documentation, one of the company’s products, Switchboard On-Demand, provides a low-latency, safe, and affordable data solution for web3 applications.

According to the company, Switchboard On-Demand is designed to work with high fidelity financial systems that allow customers to define the ingestion and transformation of data from off-chain or on-chain sources.

The crypto statistics tracker DeFiLlama states that the network has over $1.78 billion in total value secured.

Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Puskar Pande

Leave a Reply