R3 Leads $9M Funding Round in TEN’s Encrypted Ethereum Layer 2 Solution

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In a big transfer for the blockchain business, TEN, an encrypted Ethereum Layer 2 community, has efficiently accomplished a funding spherical, elevating $9 million. This spherical was prominently led by R3, a robust consortium consisting of 42 of the world’s most influential banks, recognized for his or her collaborative efforts in exploring blockchain applied sciences for real-world asset (RWA) tokenization and central financial institution digital currencies (CBDCs).

TEN is engineered by Obscuro Labs and stands out as a roll-up platform particularly designed to deal with the prevalent challenges of encryption and scalability inside blockchain purposes. The platform’s reference to R3 is notable, with greater than half of TEN’s senior workforce originating from R3, which can also be the creator of the distinguished tokenization platform, Corda.

This background guarantees to deliver a useful wealth of expertise to TEN. In the meantime, the funding spherical of TEN didn’t simply see participation from R3; different notable traders embrace Republic Crypto, KuCoin Labs, Huge Mind Capital, DWF Labs, and Magnus Capital, showcasing broad business help for the initiative.

TEN’s Versatile and Encrypted Platform

TEN units itself aside by balancing the strengths of Optimistic-based Layer 2 options (L2s) and ZK-Rollups, providing an unprecedented mixture of velocity, safety, versatility, and privateness. The platform is in its testnet section, with a full mainnet launch anticipated in October. It guarantees engaging options resembling programmable encryption, rapid bridges between networks, and safe random quantity era, concentrating on a broad spectrum of blockchain purposes.

One of many platform’s standout traits is its skill to mix the effectivity of Optimistic-based L2s with sturdy encryption, all whereas addressing crucial points like miner extractable worth (MEV) prevention, scalability, and gasoline effectivity. This makes TEN a particular and promising addition to the Web3 infrastructure, catering to a variety of purposes from on-chain gaming to decentralized finance (DeFi), real-world belongings (RWA), and institutional platforms.

TEN’s strategy to privateness and effectivity is groundbreaking. It permits builders to customise the visibility of sensible contract parts, selling a brand new wave of utility design and growth. Moreover, the platform claims to supply one of many quickest encrypted networks within the Web3 sphere, providing near-instant finality of transactions and a user-friendly interface that requires minimal changes from end-users.

Gavin Thomas, the Co-Founder and CEO of Obscuro Labs, emphasised the multifaceted targets of Layer 2 options: past mere scalability, they goal to counterpoint Ethereum with progressive options unachievable on the mainnet. “Layer 2s have been at all times not nearly scaling, however enhancing Ethereum with new options in methods that can not be finished on Mainnet. With TEN, we ship on that promise by bringing the whole lot we realized from constructing encryption on Corda to Ethereum,” Thomas acknowledged.

Presently, TEN has cast partnerships with over 120 entities, illustrating the sturdy confidence in its know-how and strategy inside the ecosystem. The platform’s nickname, “The Encrypted Community,” is a testomony to its core mission and place within the Ethereum Layer 2 panorama.

Because the platform continues its testing section on Coinlist’s testnet, anticipation grows for its mainnet launch in October. With its concentrate on encryption, privateness, and person effectivity, TEN is heading in the right direction to redefine the requirements and capabilities of Layer 2 options, doubtlessly shaping the long run trajectory of decentralized applied sciences.

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