Ethereum L2 TEN Raises $9 Million from Banking Consortium R3


Super Mod
Super Mod
Crypto News Squad
Dec 23, 2020

Ethereum L2 TEN Raises $9 Million from Banking Consortium R3

TEN (aka The Encrypted Network), the encrypted Ethereum layer 2 network, announced the completion of a $9 million funding round led by the R3 banking consortium.

  • TEN is a layer 2 aggregation platform targeting encryption, MEV prevention, scalability and gas efficiency. It is said to offer “a balance between optimistic-based L2s and ZK-Rollups.”
  • By using encryption, TEN allows developers to choose which parts of their smart contracts they want to keep private and which parts they want to keep public.
  • Other features include instant hyperlinks and secure random number generation.
  • R3 is a consortium of 42 of the world’s largest banks exploring blockchain technology and real-world asset tokenization.
  • Other participants in the funding round include Republic Crypto, KuCoin Labs, Big Brain Capital, DWF Labs and Magnus Capital.
  • “Layer 2s wasn’t always just about scaling, it was about enhancing Ethereum with new features that couldn’t be done on Mainnet,” said Gavin Thomas, Co-Founder and CEO of Obscuro Labs. CryptoPotato.
  • TEN is currently in the testnet phase and the mainnet set will be released in October.
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