Obscuro Labs, creator of the TEN (The Encrypted Network) Layer 2 platform for Ethereum, has revealed a triumphant fundraising round amassing $9 million, pushing their fully diluted token valuation to $30 million.
R3, a prominent enterprise blockchain company, led the investment, with participation from Republic Crypto, KuCoin Labs, Big Brain Holdings, Magnus Capital, and DWF Labs.
This round marks the culmination of a two-year effort, divided into three stages, with the most recent installment of nearly $3 million being finalized in December.
Notably, a significant portion of Obscuro’s team, including seven out of thirteen members, previously worked at R3 on projects like Corda, the permissioned blockchain.
Thomas emphasized R3’s longstanding support for TEN, citing Todd McDonald, co-founder of R3, as a key figure in Obscuro’s fundraising efforts.
Addressing concerns about DWF Labs’ involvement as an investor, Thomas clarified that DWF Labs had invested in Obscuro before any controversies and that their controversial actions primarily revolve around market-making activities, which are not relevant to Obscuro’s operations.
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