Ethereum Layer-2 Network TEN Raises $9M in a Funding Round Led by R3

The fundraising also attracted participation from Republic Crypto, KuCoin Labs, Big Brain Capital, DWF Labs, and Magnus Capital.
Image source: TEN

Quick take:

  • TEN is an encrypted Ethereum layer-2 built by Obscuro Labs.
  • Over half of TEN’s senior team is comprised of members from R3, a UK-based banking consortium of 42 members.
  • The Consortium has been one of the leading explorers of blockchain-based real-world asset tokenization and central bank digital currencies.

TEN, the encrypted layer built on Ethereum to bring speed, security, versatility and privacy to Optimistic-based L2s and ZK-Rollups, on Friday announced a $9 million funding round closed in December 2023.

The round was led by the UK-based consortium R3, which focuses on blockchain-based real-world asset (RWA) tokenization and central bank digital currencies (CBDCs).

According to press material shared with NFTgators, the fund was raised in three tranches over two years, with the latest tranche of $3 million completed last year. 

Built by Obscuro Labs, a Web3 studio whose team is comprised mainly of members of R3, TEN is still in testnet, while the mainnet launch is expected in October. The platform boasts features like programmable encryption, immediate bridges, and secure random number generation.

TEN leverages the proven security features of the Ethereum network to maximise the safety of users, whilst offering them scalability and gas efficiency. The platform also allows developers to choose which part of a smart contract they would like to make public and which one they want to remain private.

According to TEN, this enables the development of a whole new generation of on-chain games, DeFi, RWA, and institutional use cases.

Commenting on the fundraising, Gavin Thomas, Co-Founder and CEO of Obscuro Labs, said in a statement: “Layer 2s were always not just about scaling, but enhancing Ethereum with new features in ways that cannot be done on Mainnet. With TEN, we deliver on that promise by bringing everything we learnt from building encryption on Corda to Ethereum.”


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