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One platform for global traditional assets
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Pharos Network, a layer 1 blockchain focused on tokenizing real-world assets, announced the completion of a $44 million Series A funding round. The round was led by Sumitomo Ventures, SNZ Holding, Chainlink, Flow Traders, and an unnamed global financial institution. Pharos revealed that it is building an "asset-native" network designed for large-scale processing of regulated financial activities. The system employs parallel processing technology to support a high volume of transactions and includes compliance and identity verification features tailored for institutions. Additionally, Pharos stated that its testnet has already attracted millions of users and independent addresses, and has partnered with an energy company on solar-powered asset initiatives. The mainnet is expected to launch soon. (CoinDesk)