Algoracle Closes 1.5 million USD Seed Round

Last updated on June 21st, 2022 at 05:30 pm

Algoracle is increasingly developing a stellar reputation in the blockchain space owing to its innovative features and laudable accomplishments.

The decentralized oracle network, built on the Algorand blockchain, has officially closed its seed round, raising a total of 1.5 million USD.

Borderless Capital led the round, with participation from the Algorand Foundation, Valhalla Capital, Big Brain Holdings, Xpand Capital, Parea Capital, OrcaDAO, GMI Capital, and Exa.Finance.

Borderless Capital is a blockchain venture capital firm that is behind the development of a slew of revolutionary blockchain technologies.

“We are excited to back Algoracle and their vision of bringing data on-chain in a decentralized fashion. This will help developers to build more powerful and sophisticated applications and smart contracts, enabling innovative and disruptive new use cases on top of the Algorand blockchain,” said David Garcia, CEO and Managing Partner of Borderless Capital.

The Algorand Foundation is actively involved in the advancement of blockchain technology, particularly the Algorand protocol.

Valhalla Capital is well-known for backing founders and builders navigating the open world of decentralized finance, play-to-earn, and the metaverse, supporting start-ups with capital, connections, research, and strategy.

Algoracle is redefining communication and interaction on the Algorand blockchain with its decentralized abstraction layer oracle network. Accurate information is critical to the smooth running of any platform hosted on a blockchain, especially if it is governed by smart contracts. Algoracle features a decentralized oracle architecture that provides smart contracts with access to relevant, accurate data. The chosen data feeds come from both within and outside the network.

Decentralized platforms can choose to customize their data feeds to include information on events occurring outside the blockchain space, such as the weather, and events occurring in real-time within the blockchain space, such as crypto prices.

Apart from the seed round, Algoracle has achieved quite a lot in recent times. In just over a year since its inception, Algoracle has made significant strides towards achieving its vision of making it easy for developers to build smart contracts with oracles. Some of its biggest achievements during this time include strategic partnerships with Kaiko, Brave New Coin, AmberData, Nomics, Twelve Data, CryptoCompare, and others.

Over the next twelve months, Algoracle intends to add more features to its ecosystem and close the private and public rounds. The much-anticipated mainnet launch is scheduled for the third quarter (Q3) of 2022.

To find out more about Algoracle, visit their website, join their Discord and follow them on Twitter and LinkedIn.