Switchboard, the decentralized oracle network empowering users with control over on-chain data, has raised $7.5 million in a Series A funding round.
The latest funding round was co-led by Tribe Capital and RockawayX, with additional participation from Solana Foundation, Aptos Labs, Mysten Labs, Subzero Ventures, Starkware, and several other prominent backers.
Founded in June 2021, Switchboard now boasts over 100,000 users and it has secured over $2 billion in total value.
The platform offers highly customizable and permissionless oracle solutions, designed to meet the diverse needs of developers across various blockchain applications—from DeFi to emerging areas like on-chain gaming and gambling.
Chris Hermida, Co-founder of Switchboard, emphasized the platform’s commitment to delivering tailored oracle solutions for developers.
“The industry has become over-reliant on one-size-fits-all solutions that are needlessly slow and inefficient to set up,” Hermida noted. “We’re granting developers the ability to quickly build the solutions they need.”
The decentralized nature of Switchboard’s oracle network enables users to exercise unprecedented control over data access. By dividing the platform into customizable queues, Switchboard allows developers to configure bespoke oracle networks optimized for specific applications while ensuring easy access to pre-built oracles for common tasks.
Marek Sandrik, representing RockawayX, emphasized the pivotal role of oracle networks in powering Web3 innovation. “Better data connections between Web2 and Web3 are key to new use cases and novel on-chain experiences,” Sandrik remarked. “We believe Switchboard scores very highly on these metrics.”
Jared Madfes of Tribe Capital highlighted the expanding demand for bespoke oracle solutions in response to the surge in DeFi, gaming, and other Web3 use cases.
“The role of oracles in the crypto world has expanded dramatically,” Madfes stated. “We’re excited to continue backing Switchboard’s efforts.”
Switchboard’s unique features set it apart from traditional oracle networks. With its customizable, permissionless, fast, and on-demand model, Switchboard offers developers unparalleled flexibility and efficiency in accessing on-chain data. Leveraging Solana’s high throughput and Trusted Execution Environments (TEEs), Switchboard ensures swift and confidential information transmission across its network.
