DeFi
HTX Ventures Invests in RedStone Oracles to Expand Its Modular DeFi Infrastructure
SINGAPORE, July 2, 2024 /CNW/ — To support a more efficient and user-friendly DeFi market, HTX Ventures, the global investment arm of cryptocurrency exchange HTX, has announced a strategic investment in Red stone. RedStone is one of the fastest growing modular oracles in 2024 that provides diverse and high-frequency data feeds to EVM Layer1, Layer2, Rollup-as-a-Service networks and beyond, including Starknet, Fuel Network and TON.
RedStone’s modular nature allows it to provide data feeds that are not available elsewhere, specializing in yield-generating collateral for lending markets, particularly LSTs and LRTs. Its modular pricing engine ensures the highest accuracy and relevance through constant updating. Additionally, RedStone is chain-agnostic, meaning it can feed data to many EVM and non-EVM ecosystems, rollups, and various application chains. This makes it an ideal partner for Rollup-as-a-Service providers and AVS Eigenlayers. Currently, RedStone’s Total Value Secured (TVS) has reached $4 billion, expanded to over 60 chains, and served over 100 clients like EtherFi, Pendle, Morpho and Ethena.
RedStone recently closed its $15 million Series A round, led by Arrington Capital. The funds will be used to expand its Marketing and Business Development divisions, fueling a deep pipeline for growth in Q3 and Q4. RedStone is currently testing the implementation of Oracle Extractable Value (OEV), which is scheduled to be rolled out to customers in the coming months, and is preparing to launch its native token later this year.
“RedStone introduces an exciting advancement in DeFi with its modular design,” said Edward, Managing Partner at HTX Ventures. “DeFi users will benefit from new and accurate data feeds, as well as push and pull data services. RedStone’s chain-agnostic functionality allows it to provide services across multiple layers. At HTX Ventures, we are excited to see further innovation in the oracle space and look forward to collaborating on building better infrastructure and tools for DeFi.”
Jakub Wojciechowski, CEO of RedStone Oracles, commented: “This Series A funding round gives us ample financial headroom to expand our service offering while bringing reliable real-world data to a multitude of blockchain-based protocols. We sincerely thank our investors and community for their strong support, and believe me when I say that we are just getting started.”
RedStone is also gearing up for the upcoming launch of Season 2 of RedStone Expedition, an interactive community engagement initiative that gives participants the opportunity to earn RedStone Gems (RSG) through a wide range of activities. Interested parties can register here: RedStone Expedition.
About RedStone
Red stone is a modular oracle that provides diverse and high-frequency data streams to EVM Layer1, Layer2, Rollup-as-a-Service networks and beyond, i.e. Starknet, Fuel Network or TON. By responding to market trends and developer needs, RedStone can support resources not available elsewhere. The modular design allows data consumption models tailored to specific use cases, i.e. low-cost LSTfi and early support for LRTs. Trusted by Pendle, Morpho, Venus, Ethena, ether.fi and more.
About HTX Ventures:
HTX Ventures, the global investment arm of HTX, integrates investment, incubation, and research to identify the most talented and brightest teams from around the world. With a decade of history as an industry pioneer, HTX Ventures excels in identifying cutting-edge technologies and emerging business models within the sector. To foster growth within the blockchain ecosystem, we provide comprehensive project support, including funding, resources, and strategic advice.
HTX Ventures currently backs over 300 projects spanning multiple blockchain sectors, with select high-quality initiatives already trading on the HTX Exchange. Additionally, as one of the most active fund-of-funds (FOF) investors, HTX Ventures is collaboratively shaping the blockchain ecosystem alongside leading global blockchain funds including Dragonfly, Bankless, Gitcoin, Figment, and Animoca. Visit us here.
Contact details
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Company Website
https://www.htx.com/ventures
SOURCE HTX