TEN, Encrypted Ethereum Layer 2 Network, Secures $9M Financing Led by R3

The $9 million USD financing round for TEN, an encrypted Ethereum Layer 2 network, is headed by the digital giant R3. The Ethereum Layer 2 roll-up platform TEN from Obscuro Labs addresses important scalability and encryption problems in blockchain applications. Since TEN’s founding, R3, a group of 42 of the biggest banks in the world exploring blockchain-based RWA tokenization and CBDC, has been a key backer.

With extensive expertise, R3, the company that created the industry-leading tokenization platform Corda, is home to more than half of TEN’s senior staff. Notable investors including Republic Crypto, KuCoin Labs, Big Brain Capital, DWF Labs, and Magnus Capital are supporting the investment round in addition to R3.

TEN offers speed, security, adaptability, and privacy not found in other Layer 2 solutions at the moment, striking a balance between ZK-Rollups and optimistic-based L2s. With capabilities like immediate bridges, secure random number generation, and configurable encryption, the platform—which is already in testnet—is scheduled for mainnet launch in October.

TEN sets itself apart as a general-purpose L2 on Ethereum with the goal of retaining complete encryption while offering efficiency comparable to L2s based on Optimistic. The platform presents itself as a distinctive contribution to the Web3 scene by addressing encryption, MEV prevention, scalability, and gas efficiency.

The platform leverages Ethereum’s established security features to optimize user safety, all the while emphasizing value addition via many essential features including encryption. Developers may choose which sections of the smart contract to make public and which to keep private with TEN. This greatly expands the design space and makes it possible to create a whole new class of on-chain games, DeFi, RWA, and institutional use cases. While doing all of this, scalability is greatly increased.

TEN is the fastest encrypted network in Web3, with almost instantaneous finality at a very low cost for an L2. Because of how quickly it responds, it functions like a Web2 application. Development teams may create dApps on the platform using just Solidity and Ethereum-based tools thanks to its architecture. Building on Ethereum is the same as building on TEN. It just takes three clicks for users to add TEN’s secure feature, and they are unaware that they are utilizing an encrypted dApp. Everything goes off without a hitch.

Gavin Thomas, Co-Founder and CEO of Obscuro Labs, Comments:

“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.”

With more than 120 partners, TEN uses the team’s experience to tackle important problems in the Ethereum ecosystem. The platform’s moniker, “TEN,” alludes to its status as a Layer 2 network and its function as “The Encrypted Network.”

With preparations for an October mainnet launch and continuous testing on Coinlist’s testnet, TEN is well-positioned to become a prominent Layer 2 in Web3. The platform’s emphasis on efficiency, privacy, and encryption paves the way for its potential to influence the direction of decentralized technologies in the future.