March 18, 2024
Obscuro Labs has raised $9 million in a recent funding round to advance its Encrypted Ethereum Layer 2 network, TEN. This round was led by R3, a prominent player in blockchain technology, with participation from Republic Crypto, KuCoin Labs, Big Brain Capital, DWF Labs, and Magnus Capital. The investment highlights significant progress in the blockchain sector and underscores TEN's potential to enhance Ethereum's Layer 2 solutions.
Project | Latest Raise | Latest Raise | Stage | Total Raise | Category |
|---|---|---|---|---|---|
Obscuro Labs | Mar 15, 2024 | $9M | Seed | $18M | Layer 2 |
TEN aims to provide Web3 applications with secure, efficient, and decentralized solutions. The network combines features from both Optimistic and Zero-Knowledge rollups, offering a unique blend of speed, security, flexibility, and privacy. Supported by R3 and its consortium of 42 global banks, TEN is positioned to strengthen its role as a leader in Layer 2 solutions, leveraging valuable industry expertise.
TEN utilizes Ethereum's security architecture, prioritizing user safety with advanced features like programmable encryption. This enables developers to create new on-chain applications for gaming, DeFi, RWA, and institutional use cases. Users can easily engage with TEN's secure features, making interactions with encrypted decentralized applications seamless and intuitive.
The development of TEN is progressing, with plans to launch its mainnet in October. Currently, the network is undergoing testing on Coinlist's testnet. This progress positions TEN to solidify its status as a leading Layer 2 solution in the Web3 space. The project's focus on simplifying, securing, and enhancing user experiences aims to transform the way blockchain applications are utilized.
About Obscuro Labs:
Obscuro Labs is dedicated to developing advanced blockchain solutions. Their primary project, TEN, is a Layer 2 rollup that enhances and encrypts Ethereum. Obscuro Labs aims to provide secure and efficient decentralized applications by leveraging blockchain technology, driving the future of digital finance and Web3 innovation.
Website: https://www.obscu.ro/
About Investor
Investor: R3
R3 is a leading provider of enterprise technology and services that enable the secure exchange of value in regulated industries where trust is critical. Founded in 2014 by David E. Rutter, Todd McDonald, and Jesse Edwards, R3 was built on the belief that direct, digital collaboration was the future of financial services. The team developed Corda, the world’s first native private, permissioned Distributed Ledger Technology (DLT) platform that is secure and regulatory-compliant by design.
R3 has facilitated hundreds of networks across financial services and continues to drive the distributed ledger technology forward. Today, R3 is a leading provider of Digital Currency, Digital Asset, and Integration and Interoperability solutions to the world’s leading financial players. They are committed to driving market expansion, cost-reduction, and maximizing value. Their solutions enable an open, trusted, and enduring digital economy where value is securely exchanged
Location: United States
Website: https://r3.com/
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