Ethereum Layer 2 TEN Surges to $30M Valuation in Latest Funding!

Key Points:

• Obscuro Labs, developer of Ethereum Layer 2 TEN, raises $9M in funding round led by R3.
• Funding structured in three tranches over two years, bringing fully diluted token valuation to $30M.
• Former R3 executives behind Obscuro’s success, highlighting industry support and investor lineup.

Obscuro Labs, the brains behind Ethereum Layer 2 TEN, has secured a significant milestone, raising $9 million in a recent funding round.

The investment was led by enterprise blockchain firm R3, alongside notable participants such as Republic Crypto, KuCoin Labs, Big Brain Holdings, Magnus Capital, and DWF Labs, with R3 spearheading the funding efforts.

Gavin Thomas, co-founder of Obscuro Labs, revealed that the $9 million funding was structured in three tranches over the past two years. The latest installment, totaling nearly $3 million, was finalized in December. All tranches were executed as simple agreements for future equity (SAFE) with token warrants, providing investors with various investment options. This funding round has propelled Obscuro’s fully diluted token valuation to an impressive $30 million.

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Obscuro Labs Secures $9M Funding for Ethereum Layer 2 TEN Development

Founded by former R3 executive Gavin Thomas in 2022, Obscuro Labs has seen substantial contributions from its team, with over half originating from R3, where they developed the renowned permissioned blockchain, Corda. Notably, R3’s co-founder Todd McDonald played a pivotal role in leading Obscuro’s funding round, emphasizing R3’s unwavering support for TEN since its inception.

Addressing concerns regarding DWF Labs, an investor in Obscuro, Thomas clarified that their involvement predates any controversies surrounding the firm. DWF Labs’ investment was made before any controversies emerged, and their actions as a market maker, which are unrelated to Obscuro, have been the subject of scrutiny. Additionally, Thomas highlighted that DWF Labs is among the smaller investors in Obscuro.

Overall, the latest funding round underscores the growing confidence in Obscuro’s innovative Ethereum Layer 2 solution, TEN, as it continues to garner support from industry leaders and investors alike.