Blockchain oracle provider RedStone has announced the launch of oracles designed specifically for Bitcoin staking. RedStone, a modular oracle provider, is expanding its range of available oracles across multiple networks by introducing oracles tailored for Bitcoin staking. These oracles are now available on the staking platform Lombard.

The Switzerland-based company’s oracles are built to supply real-time data for Bitcoin staking, allowing users to stake their Bitcoin and receive Liquid Staking Tokens on the Ethereum blockchain. According to a press release, the solution is already live on Lombard, a restaking protocol managing over $500 million in total value locked. The oracles are designed to track and report key metrics such as staked Bitcoin amounts, LST issuance, and net asset value calculations.

RedStone’s Expansion Plans

In addition to Lombard, RedStone plans to integrate its oracles into other platforms, including pumpBTC and Solv. Further expansions are expected to reach Arbitrum, Base, and BNB Chain in the coming months. RedStone’s chief executive, Jakub Wojciechowski, mentioned that the latest solution will provide Lombard with the infrastructure needed to bridge Bitcoin and DeFi seamlessly.

RedStone’s Background

This isn’t RedStone’s first venture into blockchain oracle services. The company has previously launched similar products across various blockchain networks, including Ethereum and The Open Network. Founded in 2021, RedStone raised $15 million in Series A funding, led by Arrington Capital. Other investors include HTX Ventures, Amber Group, and Spartan.

Stay updated with the latest developments in the cryptocurrency world by following Global Crypto News.

#BlockchainCommunity #CryptoUpdates #AI

Post Views: 3