RedStone brings oracles for Bitcoin staking to expand use cases in defi

Blockchain oracle provider RedStone announced the launch of oracles specifically designed for Bitcoin staking.

RedStone, a modular oracle provider, expands the list of available oracles across multiple networks by offering oracles specifically designed for Bitcoin (BTC) staking, now available on the Lombard staking platform. The Switzerland-based company’s oracles are built to provide real-time data for Bitcoin staking, allowing users to stake their Bitcoin and receive Liquid Staking Tokens on the Ethereum blockchain.

The solution is already live on Lombard, a repurchase protocol that manages over $500 million in total value locked, according to a press release shared with Crypto.news. Oracles are designed to track and report important metrics such as Bitcoin amounts staked, LST issuances, and net asset value calculations.

RedStone plans further expansion of Bitcoin-focused oracles

Beyond Lombard, RedStone plans to integrate its oracles into additional platforms, including PumpBTC and Solv. Further expansion is expected to reach Arbitrum, Base, and BNB Chain in the coming months. Jakub Wojciechowski, RedStone’s CEO, said the latest solution will provide Lombard with “the infrastructure needed to build a seamless bridge between Bitcoin and DeFi.”

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