Ethernet L2 TEN Developer Obscuro Labs Closes $9 Million Funding Round Led by R3
Obscuro Labs, a developer of The Encrypted Network (TEN), an ethereum Layer 2 network, has announced a $9 million funding round led by R3 with participation from Republic Crypto, KuCoin Labs, Big Brain Holdings, Magnus Capital and DWF Labs, according to The Block. Capital and DWF Labs.
Obscuro Labs co-founder Gavin Thomas said the $9 million funding round was divided into three stages that were completed over the past two years, with the latest tranche of about $3 million closing last December, Thomas said all stages were structured using a Simple Agreement for Future Equity (SAFE) structure with accompanying token warrants. He added that the SAFE is optional because "some investors are only interested in signing token warrants." Thomas noted that the latest funding round boosted Obscuro's fully diluted token valuation to $30 million.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Subscription multiplier reaches 4 times! "AI Ring" Oura IPO receives enthusiastic response
Smart ring manufacturer Oura's IPO was oversubscribed by approximately four times, planning to issue 50 million shares at a maximum price of $44 per share, aiming to raise up to $2.2 billions, with a fully diluted valuation of about $15 billions. Against the backdrop of companies like Holtec Nuclear withdrawing their IPO plans due to market conditions, Oura is expected to become the first major IPO in nearly three months to raise over $1 billion, injecting new vitality into the long-dormant U.S. IPO market.
The Bank of Japan's interest rate hike still fails to impress the market! Hedge funds slash yen long positions by nearly 80%, while dollar long positions increase significantly
After the Bank of Japan failed to deliver a clear enough signal of further interest rate hikes to the market, hedge funds have significantly reduced their bullish bets on the yen.
US Treasury yields continue to rise! Cleveland Federal Reserve President: Government and AI compete for funds, fueling rate hike expectations
Cleveland Federal Reserve President Loretta Mester stated on Friday that the recent sustained rise in long-term U.S. Treasury yields is the result of multiple factors working together.
Crypto prices
More
