Umbrella Network Launches $15M Oracle Accelerator Program

Decentralized oracle service Umbrella Network has announced a new accelerator program for startups that want to construct data pipelines to the cryptocurrency market, a process that many in the industry feel is required to expand the growing areas of blockchain gaming, decentralized finance (DeFi), and the Metaverse.

Umbrella Network announced the $15 million accelerator program on Tuesday, with the goal of funding firms that are bringing innovative data solutions to the blockchain ecosystem. According to Sam Kim, a partner at Umbrella Network, his firm focuses on supporting initiatives in blockchain gaming, the Metaverse, digital advertising, blockchain-based identity, sports, and weather, among other areas.

Due to the constraints of the present technology, initiatives in these and other sectors have generally depended on centralized systems for conducting necessary calculations, procedures, and applications, according to Kim. One of the accelerator program aims to give developing projects access to decentralized data applications that may help them expand and scale their operations.

The accelerator program will give business and technical assistance in addition to money. Kim affirmed that Umbrella would be the first operator of the decentralized oracles.

With a market valuation of $8.4 billion, Chainlink is the largest oracle network. With a combined worth of nearly $170 million, Augur and Band Protocol are a distant second and third, respectively. Meanwhile, Umbrella Network has a total market value of $19 million.