Investment Group Tribe Capital takes the lead in a $7.5 million strategic funding round for on-chain data provider Switchboard, a developer specializing in oracles.

In a significant development, Switchboard, a leading provider of blockchain data oracle solutions, has announced the completion of a strategic funding round worth $7.5 million. The round was co-led by Tribe Capital and Rockwayx, with notable angel investors Mert, Joe McCann, Brian Long, Geoff Renaud, DJ Chaudhry, Rooter, and theackheavy also joining.

The funding will be used to accelerate the development of Switchboard's permissionless and secure oracle solutions, aimed at benefiting the development of decentralized applications. Solana Foundation, Aptos, and StarkWare were among the other participants in the round.

Switchboard's flagship product, On-Demand, delivers a fast, permissionless, and customizable oracle solution, linking decentralized applications and real-world data. The On-Demand product includes the Switchboard Oracle, which is designed with high-fidelity financial systems in mind, allowing users to specify how data from on-chain or off-chain sources is ingested and transformed.

The Switchboard Oracle is run inside confidential runtimes, ensuring the oracle cannot observe the data it collects or operations it performs. This design ensures privacy and security in data collection and operation processes. The Oracle also provides a low-latency, secure, and cost-effective data solution for decentralized apps.

One of the key advantages of the Switchboard Oracle is its ability to allow for customizable data ingestion and transformation from various sources. This feature enables users to have the first look advantage via data propagation.

According to DeFiLlama data, Switchboard currently boasts $1.75 billion in total value secured. The company also has backing from Mysten Labs, InfStones Global, OtterSec, Ascensive Assets, Bixin Ventures, Breed VC, Block Builders VC, and Lemniscap.

The Switchboard Oracle's secure and efficient data solution is beneficial for the development of decentralized applications. With the newly raised funds, Switchboard aims to further enhance its offerings and contribute to the growth of the decentralized applications ecosystem.

Investment Group Tribe Capital takes the lead in a $7.5 million strategic funding round for on-chain data provider Switchboard, a developer specializing in oracles.