Ethereum L2 TEN Raises $9 Million From Banking Consortium R3

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

• TEN is a layer 2 rollup platform targeting encryption, MEV prevention, scalability, and gas efficiency. It’s said to offer “a balance between Optimistic-based L2s and ZK-Rollups .”
• Using encryption, TEN lets developers choose which parts of their smart contract they’d like to keep private, and which parts public.
• Other features include immediate bridges, and secure random number generation.
• R3 is a consortium of 42 of the world’s largest banks that are 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 were always not just about scaling, but enhancing Ethereum with new features in ways that cannot be done on Mainnet,” said Gavin Thomas, Co-Founder and CEO of Obscuro Labs, in a press release shared with CryptoPotato.
• TEN is currently in its testnet phase, with mainnet set to be released in October.