Ethereum L2 TEN raises $9 million from R3 banking consortium

ethereum's Layer 2 encrypted network, TEN (also known as The Encrypted Network), has announced the completion of a $9 million funding round led by banking consortium R3.

• TEN is a layer 2 rollup platform that targets encryption, MEV prevention, scalability, and gas efficiency. It is said to offer “a balance between Optimistic-based L2 and ZK-Rollups.”
• Using encryption, TEN allows developers to choose which parts of their smart contract they want to keep private and which public.
• Other features include immediate bridging and secure random number generation.
• R3 is a consortium of 42 of the world's largest banks that are exploring blockchain technology and the tokenization of real-world assets.
• Other participants in the funding round include Republic crypto, KuCoin Labs, Big Brain Capital, DWF Labs, and Magnus Capital.
• “Layer 2 wasn't always just about scaling, but about enhancing ethereum with new features in ways that can't be done on the Mainnet,” said Gavin Thomas, co-founder and CEO of Obscuro Labs, in a press release shared with CryptoPotato.
• TEN is currently in its testing phase and the mainnet will launch in October.

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