Banking Consortium R3 Leads $9 mn Round in Encrypted Layer 2 on Ethereum
TEN, an encrypted Ethereum Layer 2 network, has raised $9 million in a funding round led by R3.
TEN, part of Obscuro Labs, is a general-purpose Layer 2 on Ethereum that aims to provide efficiency similar to Optimistic-based L2s while maintaining full encryption.
The platform, currently in testnet, will release on the mainnet in October and features programmable encryption, immediate bridges, and secure random number generation.
It addresses encryption, MEV prevention, scalability, and gas efficiency, positioning itself as a unique addition to the Web3 landscape.
TEN’s speed and cost are efficient, making it the fastest encrypted network in Web3. With ongoing testing on Coinlist’s testnet and plans for a mainnet launch in October, TEN is poised to establish itself as a leading Layer 2 in Web3.
(With inputs from Shikha Singh)
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