Algoracle Announces $1․5 Million Seed Round

press release

PRESS RELEASE. Algoracle recently announced the closing of a $1.5 million (USD) seed round to help accelerate the development and launch of Algorand’s own decentralized oracle network.

Algoracle’s seed round was led by Borderless Capital Borderless Capital , with a major contribution from the Algorand Foundation , Valhalla Capital , и Big Brain Holdings , and complemented by strategic investors {pand Capital , Parea Capital , OrcaDAO , GMI Capital , и EXA Finance . Thanks to the support provided by all of these organizations, the seed round was a great success and brought in the aforementioned $1.5 million, much to the delight of the community.

“We are excited to support Algoracle and their vision of decentralized data provisioning on the blockchain. This will help developers build more powerful and sophisticated applications and smart contracts, providing innovative and disruptive new use cases on top of the Algorand blockchain,” said David Garcia, CEO and Managing Partner of Borderless.

About Algoracle

Algoracle is a decentralized oracle network that links Algorand’s blockchain to the physical world. Algorand-built smart contracts can invoke a feedcontract to retrieve data. Algoracle will also release sports, cryptocurrency, stock and weather feeds in the coming months.

Algorand Foundation has this to say about Algoracle: “Algoracle is Algorand’s premier oracle, built on Algorand for and by Algorand developers. We’re excited about what’s in store for us!”

Furthermore, Algoracle uses a network of feed providers and node execs to deliver feeds to smart contracts to enable decentralization. Currently, institutional-level providers such as AmberData, Brave New Coin, CryptoCompare and dxFeed provide cryptocurrency price data to run the testnet application. As for future goals, the focus will be on adding various channels such as sports, weather, NFT prices, and off-chain calculation capabilities before launching into mainnet.

More information about Algoracle can be found at official website along with Twitter и Discord channels.

About Algorand

Algorand is a PPoS (Pure Proof of Stake) blockchain that accelerates the convergence of decentralized and traditional finance, enabling the simple creation of next generation financial products, protocols and value exchange. Founded by Silvio Michali, winner of the Turing Prize (in computer science), the Gödel Prize (in theoretical computer science) and the RSA Prize (in cryptography), blockchain has managed to find an approach that solves the blockchain trilemma without any compromise. Since launching in 2019, Algorand has not had a single downtime and has never had a fork.

For more information about Algorand, visit the official website и Twitter , и Medium .

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