KR1 PLC (AQSE:KR1) said late Thursday it invested US$100,000 in the RedStone project in a financing round in return for a yet-to-be-determined amount of RedStone tokens.
RedStone is a next-generation cross-chain data oracle technology offering access to data, a full historic audit trail and an insurance-backed decentralised dispute mechanism that provides users with recourse in the event of inaccurate data provision.
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The project utilises permanent and affordable storage of the Arweave blockchain to keep data and track reputation while integrating with a range of EVM-compatible chains such as Ethereum, Avalanche or Polygon, where the majority of all decentralised finance activity takes place.
“[Decentralised finance] has experienced a colossal expansion, yet the oracle technology is lagging behind with the infrastructure created years ago. RedStone is looking to fill that gap by offering fast, cost-efficient and convenient tools for providing data to blockchain protocols. I am privileged to be surrounded by a group of very experienced investors who can help RedStone to reach its full potential”, RedStone founder and chief executive Jakub Wojciechowski said in a statement.
“RedStone stands out in the crowded world of blockchain oracle solutions in providing a real edge with regards to cost savings, latency, auditability and insurance. We are already seeing the project starting to gain traction and we are thrilled to fund Jakub and his team in his new endeavour”, added KR1 managing director and co-founder George McDonaugh.