Switchboard Raises $7.5M Funding From Tribe Capital And RockwayX To Empower Web3 Community With Permissionless And Secure Oracle Solutions
In Brief
Solana-based oracle solutions provider Switchboard raised $7.5 million to expand its tools and use cases within Web3 community.
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 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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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
