Banking Consortium R3 Leads $9M Round in Encrypted Layer 2 on Ethereum

by Chainwire

Printed: March 15, 2024 at 1:23 pm Up to date: March 15, 2024 at 1:23 pm

London, UK, March fifteenth, 2024, Chainwire

TEN, an encrypted Ethereum Layer 2 community, declares a funding spherical of $9 million USD, led by digital powerhouse R3. Obscuro Labs’ TEN is an Ethereum Layer 2 roll-up platform addressing crucial encryption and scaling points in blockchain functions. R3, a consortium of 42 of the world’s largest banks exploring blockchain-based RWA tokenization and CBDC, has been a serious supporter of TEN from its inception.

Over half of TEN’s senior group hails from R3, which developed the main tokenization platform Corda, bringing vital expertise to the desk. Along with R3, the funding spherical contains assist from notable buyers similar to Republic Crypto, KuCoin Labs, Large Mind Capital, DWF Labs, and Magnus Capital.

TEN strikes a steadiness between Optimistic-based L2s and ZK-Rollups, providing pace, safety, versatility and privateness not presently accessible in current Layer 2 options. The platform, presently in testnet, is ready to launch on the mainnet in October, boasting options like programmable encryption, rapid bridges, and safe random quantity technology.

TEN distinguishes itself as a general-purpose L2 on Ethereum, aiming to supply effectivity akin to Optimistic-based L2s whereas sustaining full encryption. The platform addresses encryption, MEV prevention, scalability, and fuel effectivity, positioning itself as a novel addition to the Web3 panorama.

With a purpose to maximize security for its customers, the platform takes benefit of the confirmed safety that Ethereum gives, whereas specializing in including worth with various key options like encryption. TEN permits builders to decide on which components of the good contract they need non-public and which components public. This massively opens up the design area, permitting an entire new technology of on-chain video games, DeFi, RWA, and institutional use instances to be developed. All that is performed whereas vastly enhancing scalability.

As an L2, the pace and value are each very environment friendly, offering near-immediate finality and making TEN the quickest encrypted community in Web3. The responsiveness is so quick that it behaves like a Web2 utility. The platform was designed such that improvement groups can construct their dApps utilizing simply Solidity and Ethereum-based instruments. Constructing on TEN is equivalent to constructing on Ethereum. For customers, including TEN’s safe performance takes simply three clicks, and customers don’t even know they’re utilizing an encrypted dApp. The expertise is totally seamless.

Gavin Thomas, Co-Founder and CEO of Obscuro Labs, Feedback: “Layer 2s had been all the time not nearly scaling, however enhancing Ethereum with new options in methods that can not be performed on Mainnet. With TEN, we ship on that promise by bringing every part we learnt from constructing encryption on Corda to Ethereum.”

TEN, with over 120 companions, leverages the group’s experience to deal with key points within the Ethereum ecosystem. The platform’s title, “TEN,” symbolizes its function as “The Encrypted Community” and its place as a Layer 2 community.

With ongoing testing on Coinlist’s testnet and plans for a mainnet launch in October, TEN is poised to ascertain itself as a number one Layer 2 in Web3. The platform’s deal with encryption, privateness, and effectivity units the stage for its function in shaping the way forward for decentralized applied sciences.

About TEN

TEN is a pure EVM encrypted L2 resolution for Ethereum, positioned between Optimistic and ZK rollups. With a powerful group and backing from R3, TEN goals to supply safe, environment friendly, and decentralized options for Web3 functions.

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