News
Switchboard raises $7.5 million to help connect blockchain projects with real-world data
Starting “Oracle” on-chain Switchboard Technology Labs Inc.which creates services that give Web3 projects access to real-world third-party data, announced today that it has raised $7.5 million in early-stage funding, led by Tribe Capital and RockawayX.
Additional support for the company’s Series A funding round included investments from the Solana Foundation, Aptos Labs, Mitzen Labs, Subzero Ventures, Starkware, Arche Capital, Breed VC, and Ascensive Assets.
Oracles are software systems that connect blockchains to external systems that enable the execution of smart contracts based on inputs from traditional real-world data networks. Some examples include oracles that import data from a financial asset manager for stock prices, weather information for insurance, a random generator for gambling, an Internet of Things sensor network for the supply chain or a government identity network for verification.
“Switchboard is committed to providing the perfect Oracle solution for every developer’s needs,” said co-founder Chris Hermida. “The industry has become overly dependent on one-size-fits-all solutions that are unnecessarily slow and inefficient to install. We’re ensuring developers can quickly build the solutions they need.”
The company plans to use the funds to expand its Oracle tools and use cases, including its flagship On-Demand Switchboard Product, which helps developers aggregate secure on-chain information with low latency and high fidelity. By running oracles within reserved execution times, the oracles themselves cannot observe the flow of data. Developers can customize the experience and allow them to feed and process data that will be used by blockchain applications.
Switchboard also offers secure and verifiable access randomness via a trustless random number generator for blockchain applications that require a secure way to generate random numbers. Random number generation is a potential vulnerability for gambling, gaming, encrypted hashes, and more. Users can too store sensitive informationor “secrets,” such as application programming interface keys, passwords, and database credentials, securely within Oracle feeds using trusted execution environments.
“Oracle networks are the backbone of the Web3 ecosystem,” said Marek Sandrik of RockawayX. “They differ in data sources, data publication methods, reliability and ease of use. We believe the Switchboard scores very high on these metrics. It is designed to maximize flexibility and performance; developers can manage their own queues, customize their own Oracle network, or rely on convenient on-demand data feeds.”
Since its launch in 2021, Switchboard says more than 100,000 users have already signed up and it has surpassed more than $2 billion in total value protected on its network.
Image: Shutterstock/Nepool
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