Switchboard Raises $7.5M in Series A Funding

Published on: 30.05.2024

Switchboard, with support from Tribe Capital and RockawayX, raises $7.5M to enhance permissionless and secure oracle solutions for the Web3 ecosystem.

With backing from Tribe Capital and RockawayX, Switchboard raises $7.5M to strengthen accessible and reliable Oracle solutions within the Web3 ecosystem.

With substantial support from prominent entities including the Solana Foundation, Aptos, and StarkWare. The influx of investment will significantly accelerate Switchboard’s mission to provide permissionless and secure oracle solutions, thereby empowering developers and communities across the burgeoning Web3 ecosystem. This new funding underscores the confidence and support of leading industry players in Switchboard’s innovative vision and technological capabilities.

Accelerating Mission with Strategic Support

The strategic funding round not only brings financial resources but also solidifies key partnerships essential for future growth.

Switchboard is deeply grateful to all its backers, including Mysten Labs, InfStones Global, OtterSec, Ascensive Assets, Lemniscap, Bixin Ventures, Breed, and BlockBuilders. Their unwavering support is a testament to their belief in Switchboard’s mission to revolutionize oracle solutions. Additionally, with this strong network of investors, Switchboard is well-positioned to drive its vision forward and deliver robust, scalable, and secure solutions to the Web3 community.

Empowering Web3 with Customizable Oracle Solutions

Switchboard’s mission is to provide fast, permissionless, and customizable oracle solutions meeting diverse Web3 needs. Additionally, the On-Demand oracle solution offers real-time, reliable data feeds tailored to specific use cases. This flexibility ensures that developers can build and scale applications with the highest level of data integrity and security. By focusing on permissionless solutions, Switchboard enables a more inclusive and decentralized ecosystem where innovation can thrive without barriers.

Looking Ahead: Bigger Innovations on the Horizon

With approximately $1.75 billion in total value already secured, Switchboard is on a trajectory for even greater achievements. This recent funding round is a catalyst for further innovation and expansion, with significant developments on the horizon. Continuously enhancing its offerings, Switchboard is poised to set new standards in the oracle solution space, providing unparalleled support to developers and fostering the growth of the Web3 ecosystem.

The future is bright for Switchboard, and this funding round marks a pivotal step in their journey toward realizing even bigger goals.

Conclusion

In conclusion, the successful closure of the $7.5 million Series A round marks a significant milestone for Switchboard. With the strategic support of Tribe Capital, RockawayX, and other influential backers, Switchboard accelerates its mission to deliver top-tier, permissionless oracle solutions. As they continue to innovate and expand, Switchboard remains committed to empowering developers and communities across the Web3 landscape. The strong foundation laid by this funding round will enable Switchboard to reach new heights and drive the future of decentralized technology.

SOURCE

https://x.com/switchboardxyz/status/1795441142240063564