Digital asset investment company KR1’s portfolio company RedStone has completed a successful US$7mln seed funding round involving Lemniscap, Blockchain Capital, Coinbase Ventures and others.
KR1 itself is participating in the round following an initial US$300,000 financing round in July 2021.
Managing director and co-founder George McDonaugh said: “RedStone has ambitious plans to set the standard for rapid and efficient connectivity between blockchains as well as for an innovative smart contract layer on Arweave.
“The project has already demonstrated significant momentum since our investment last year and we are excited to continue supporting the team in this next chapter.”
RedStone is in the process of developing numerous products.
RedStone Oracles aims to deliver scalable, cross-chain price data feeds for cryptocurrency platforms, while Warp Contracts will offer a modular smart contract platform on top of the Arweave storage blockchain.
KR1 is listed on the Aquis stock exchange with a market capitalisation of £82mln as of September 1.