Switchboard, an Oracle solutions provider based on Solana, raised $7.5 million in a Series A investment round led by Tribe Capital and RockwayX.
Tribe Capital and RockwayX led a Series A investment round in which Switchboard, an Oracle solutions provider based in Solana, raised $7.5 million. Other contributors included the Solana Foundation, Aptos, Starkware, Infstones, OtterSec, Lemniscap, Breed, Block Builders, and Bixin Ventures. The investment round received additional backing from angel investors Mert Mumtaz of Helius, Joe McCann of Asymmetric Capital, Brian Long of Triton One, Geoff Renaud of Invisible North & Scrib3, Danish Chaudhry of Paper Ventures, Rooter of Solend, and Jack C. Liu.
On social networking platform X, the project announced that it will use the new financing to empower communities and developers within the Web3 ecosystem and expedite its goal of providing permissionless and secure Oracle solutions.
Switchboard’s decentralized Oracle network services link decentralized apps (dApps) to real-world data sources. According to DeFiLlama, the platform holds over $1.78 billion in secured value.
Switchboard is developing On-Demand to provide blockchain applications with a data solution that is efficient, low-latency, and extremely secure. Users can specify the processing and conversion of data from on-chain and off-chain sources, making it an ideal backend for complex financial systems.
Data staleness may increase before it reaches the user, and Oracle operators might gain an advantage over users before the communicated price becomes actionable. Despite this, there are a number of pull-based blockchain oracles that handle data consensus using their Layer 1 infrastructure before propagating it to users.
Switchboard Oracles operate under confidential runtimes, shielding the oracle from observing any collected data or activities. Therefore, consumers benefit from data propagation as a first-mover advantage.
Collaborating with MagmaDAO and Kintsu, Switchboard Enhances LSTs’ Monad Network Capabilities
To improve the functionality of liquid staking tokens (LSTs) on the new Monad network, Switchboard recently teamed up with MagmaDAO and Kintsu. The goal of this collaboration is to ensure real-time data access that is accurate, safe, and efficient by integrating Oracle solutions from Switchboard.
The project’s expanded on-demand service, now serving all EVM networks, enables instant data access, cost efficiency at scale, and additional security measures.