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Layer 1 blockchain Pharos Network completes $44 million Series A financing, with participation from SNZ Holding and others
According to official news, the Layer 1 blockchain network Pharos Network, aimed at institutional-level financial scenarios, announced the completion of a $44 million Series A financing round, led by several undisclosed top institutions, including Asian private equity funds, new energy listed companies, and compliant financial institutions in Hong Kong. Participating investors include Sumitomo Corporation's subsidiary, crypto-native institution SNZ Holding, Chainlink, and Flow Traders. The funds will be used to accelerate the construction of on-chain real-world asset (RWA) infrastructure in Asia and globally.
Before this financing round, Pharos had completed an $8 million seed round in November 2024, led by Lightspeed Faction and Hack VC, with other investors participating, bringing the total financing amount to $52 million. The Pharos testnet will go live in May 2025, allowing developers to build and test applications on the platform.
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