Gate News message: On April 8, Layer 1 blockchain network Pharos Network, designed for institutional-grade financial use cases, announced it has completed a $44 million Series A round of funding. The round was co-led by multiple leading institutions that have not been disclosed, including an Asia private equity fund, a listed new-energy company, and a compliant financial institution in Hong Kong. Portfolio investments also came from subsidiaries of Sumitomo Corporation, the crypto-native SNZ Holding, Chainlink, Flow Traders, and others. The funds will be used to accelerate the buildout of real-world assets (RWA) infrastructure on-chain across Asia and globally. Prior to this round, Pharos had already completed a $8 million seed round in November 2024, led by Lightspeed Faction and Hack VC. With this, its total funding to date reaches $52 million. Pharos testnet went live in May 2025, and developers can build applications and run tests based on this platform.
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