Obscuro Labs, the developer of the Ethereum Layer 2 network TEN (The Encrypted Network), recently announced that it has successfully raised $9 million in a funding round. The funding round was led by enterprise blockchain firm R3, with participation from Republic Crypto, KuCoin Labs, Big Brain Holdings, Magnus Capital, and DWF Labs.
According to Obscuro Labs co-founder Gavin Thomas, the $9 million round took place in three tranches over the last two years, with the latest batch of funding, worth nearly $3 million, closing in December. All tranches were structured as simple agreements for future equity (SAFE) with token warrants. Thomas mentioned that some investors were only interested in signing token warrants, so the SAFE structure was optional.
The success of this funding round showcases the growing interest and confidence in the Ethereum Layer 2 network and its potential for the future. The network’s focus on encryption and security has attracted a diverse group of investors who see the value in supporting Obscuro Labs and its innovative technology.
The Ethereum Layer 2 network TEN aims to provide a secure and efficient platform for decentralized applications (dApps) and smart contracts. By leveraging Layer 2 solutions, such as scaling and privacy enhancements, TEN offers a viable alternative to the congested Ethereum mainnet, ensuring faster transaction speeds and lower fees for users.
With the backing of prominent investors like R3 and others, Obscuro Labs is well-positioned to continue developing and expanding the capabilities of the Ethereum Layer 2 network. The successful funding round will enable the company to further enhance its technology, attract top talent, and drive innovation in the blockchain space.
For more details on this exciting development, you can read the full story on The Block website. As the blockchain and cryptocurrency industry continues to evolve and grow, initiatives like Obscuro Labs and the Ethereum Layer 2 network TEN play a vital role in shaping the future of decentralized finance and digital assets.
In conclusion, the $9 million funding round for Obscuro Labs and its Ethereum Layer 2 network TEN marks a significant milestone in the company’s journey towards revolutionizing the blockchain ecosystem. With strong investor support and a clear focus on encryption and security, Obscuro Labs is poised to make a lasting impact in the world of decentralized applications and smart contracts.
