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

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

In a significant move for the blockchain industry, TEN, an encrypted Ethereum Layer 2 network, has successfully completed a funding round, raising $9 million. This round was prominently led by R3, a powerful consortium consisting of 42 of the world’s most influential banks, known for their collaborative efforts in exploring blockchain technologies for real-world asset (RWA) tokenization and central bank digital currencies (CBDCs).

TEN is engineered by Obscuro Labs and stands out as a roll-up platform specifically designed to tackle the prevalent challenges of encryption and scalability within blockchain applications. The platform’s connection with R3 is notable, with more than half of TEN’s senior team originating from R3, which is also the creator of the prominent tokenization platform, Corda.

This background promises to bring an invaluable wealth of experience to TEN. Meanwhile, the funding round of TEN didn’t just see participation from R3; other notable investors include Republic Crypto, KuCoin Labs, Big Brain Capital, DWF Labs, and Magnus Capital, showcasing broad industry support for the initiative.

TEN’s Versatile and Encrypted Platform

TEN sets itself apart by balancing the strengths of Optimistic-based Layer 2 solutions (L2s) and ZK-Rollups, offering an unprecedented mix of speed, security, versatility, and privacy. The platform is in its testnet phase, with a full mainnet launch anticipated in October. It promises enticing features such as programmable encryption, immediate bridges between networks, and secure random number generation, targeting a broad spectrum of blockchain applications.

One of the platform’s standout traits is its ability to blend the efficiency of Optimistic-based L2s with robust encryption, all while addressing critical issues like miner extractable value (MEV) prevention, scalability, and gas efficiency. This makes TEN a distinctive and promising addition to the Web3 infrastructure, catering to a wide range of applications from on-chain gaming to decentralized finance (DeFi), real-world assets (RWA), and institutional platforms.

TEN’s approach to privacy and efficiency is groundbreaking. It enables developers to customize the visibility of smart contract components, promoting a new wave of application design and development. Furthermore, the platform claims to provide one of the fastest encrypted networks in the Web3 sphere, offering near-instant finality of transactions and a user-friendly interface that requires minimal adjustments from end-users.

Gavin Thomas, the Co-Founder and CEO of Obscuro Labs, emphasized the multifaceted goals of Layer 2 solutions: beyond mere scalability, they aim to enrich Ethereum with innovative features unachievable on the mainnet. “Layer 2s were always not just about scaling, but enhancing Ethereum with new features in ways that cannot be done on Mainnet. With TEN, we deliver on that promise by bringing everything we learned from building encryption on Corda to Ethereum,” Thomas stated.

Currently, TEN has forged partnerships with over 120 entities, illustrating the strong confidence in its technology and approach within the ecosystem. The platform’s nickname, “The Encrypted Network,” is a testament to its core mission and position in the Ethereum Layer 2 landscape.

As the platform continues its testing phase on Coinlist’s testnet, anticipation grows for its mainnet launch in October. With its focus on encryption, privacy, and user efficiency, TEN is on course to redefine the standards and capabilities of Layer 2 solutions, potentially shaping the future trajectory of decentralized technologies.