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developing a distributed Oracle platform


Sep 3, 2022

Estonia’s Web 3 startup Redstone, which is developing a distributed Oracle platform, has attracted seed investment from Coinbase and others.

According to industries on the 3rd, Redstone raised $7 million (about $9.5 billion) through a seed investment round.

The investment round was led by Remniscap, and Coinbase Ventures, Blockchain Capital, Distributed Global, Rattis, Rweave, Bring Waters, Marven 11, and Seven X Ventures participated.

Redstone is based in Tallinn, the capital of Estonia, and has developed Alwib’s modular data processing smart contract technology called Distributed Oracle and Warp. Blockchain Oracle is defined as a technology that serves as a bridge between the blockchain and the external world as a third-party service that provides external information to the smart contract process.

Redstone provides price data for smart contracts and decentralized finance (DeFi) protocols through decentralized Redstone Oracle and develops data stores based on Alweb blockchain technology.

Redstone plans to invest the secured funds into additional developments such as distributed Oracle.

A Redstone official said, “We have made clear our goal of creating a standard for fast and inexpensive connection between blockchain and real data from the first day of establishment. This funding round will help expand access to Oracle and Warp Contract solutions.”

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