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Pharos @pharos_network announced today their Series A funding, raising $44 million, led by Sumitomo Corporation's CVC, with Chainlink and Flow Traders also on the list.
The project is building a financial-grade Layer 1, essentially aiming to truly connect TradFi and DeFi, bringing RWA assets on-chain.
It's not just hype; the testnet has hundreds of thousands of users, and they've partnered with energy giant GCL to develop solar RWA.
The mainnet is about to go live, and the funds from this round are mainly for pushing the mainnet and collaborating with more financial institutions.
Honestly, RWA has been hot this year, but institutions like Pharos working on foundational-level gameplay are still quite rare.
@pharos_network #Pharos