Ethernet L2 TEN Developer Obscuro Labs Closes $9 Million Funding Round Led by R3

Obscuro Labs, a developer of The Encrypted Network (TEN), an ethereum Layer 2 network, has announced a $9 million funding round led by R3 with participation from Republic Crypto, KuCoin Labs, Big Brain Holdings, Magnus Capital and DWF Labs, according to The Block. Capital and DWF Labs.

Obscuro Labs co-founder Gavin Thomas said the $9 million funding round was divided into three stages that were completed over the past two years, with the latest tranche of about $3 million closing last December, Thomas said all stages were structured using a Simple Agreement for Future Equity (SAFE) structure with accompanying token warrants. He added that the SAFE is optional because "some investors are only interested in signing token warrants." Thomas noted that the latest funding round boosted Obscuro's fully diluted token valuation to $30 million.