Ethereum Layer 2 TEN, Focused on Encryption, Reaches $30 Million Token Valuation with Latest Funding Tranche

Obscuro Labs, the developer of the Ethereum ETH/USD Layer 2 network TEN ("The Encrypted Network"), announced that it raised $9 million in a funding round. Enterprise blockchain firm R3 led the round, with Republic Crypto, KuCoin Labs, Big Brain Holdings, Magnus Capital and DWF Labs participating, Obscuro Labs said 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 last two years, with the latest batch, worth nearly $3 million, closing last December. All tranches were structured as simple agreements for future equity (SAFE) with token warrants, Thomas said. He added that SAFE was optional as "some investors were only interested in signing token warrants."