Ethereum L2 TEN developer Obscuro Labs completed US$9 million in financing, led by R3

2024-03-16 00:36:43BlockBeatsShare to:

BlockBeats news, on March 16, according to The Block, Obscuro Labs, the developer of the Ethereum Layer 2 network TEN ("Encrypted Network"), announced the completion of US$9 million in financing, led by R3, Republic Crypto, KuCoin Labs, Big Brain Holdings , Magnus Capital and DWF Labs participated in the investment. Gavin Thomas, co-founder of Obscuro Labs, said the $9 million in financing was divided into three phases and was completed over the past two years, with the latest round of approximately $3 million closing in December last year. Thomas said all phases are structured as Simple Agreement for Future Equity (SAFE), with token warrants attached. He added that SAFE is optional because "some investors are only interested in signing token warrants." Thomas noted that the latest round of funding raised Obscuro's fully diluted token valuation to $30 million.

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