Obscuro Labs, the developer of Ethereum ETH/USD The Layer 2 TEN network (“The Encrypted Network”), announced that it has raised $9 million in a funding round. Enterprise blockchain firm R3 led the round, with participation from Republic Crypto, KuCoin Labs, Big Brain Holdings, Magnus Capital and DWF Labs, Obscuro Labs said on Friday. An R3 spokesperson confirmed to The Block that R3 led the round. Obscuro co-founder Gavin Thomas told The Block that the $9 million round occurred in three tranches over the past two years, with the latest batch, worth nearly $3 million, closing last December . All tranches were structured as simple stock futures agreements (SAFEs) with token warrants, Thomas said. He added that SAFE was optional as “some investors were only interested in signing token warrants.”
Read the full story on The Block.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
We simplify the market for smarter investing
Trade with confidence with insights and alerts from analyst ratings, free reports and breaking news on the stocks you care about.