Pharos raises $44 million in Series A to power real-world asset tokenization
Pharos, an RWA network, secured $44 million in Series A funding at a $1 billion valuation to advance real-world asset tokenization.Summary
Pharos, a Layer 1 blockchain focused on tokenized real-world assets (RWAs), has announced a $44 million Series A funding round, valuing the company at $1 billion. The round was led by a consortium of traditional finance and crypto investors, including Sumitomo Corporation's venture arm, SNZ Holding, Chainlink, and Flow Traders, alongside undisclosed global financial institutions. This funding aims to support Pharos' mission of building an "asset-native" network capable of handling regulated financial activities at scale, targeting a market estimated at $50 trillion. The network utilizes parallel processing for high transaction volumes and incorporates compliance features for institutional use. The tokenization market for real-world assets is experiencing significant growth, with on-chain assets reaching $24.3 billion. Pharos' development follows an $8 million seed round and a recent investment from GCL New Energy. The company anticipates its mainnet debut in the near future.
(Source：CoinDesk)