Pharos Network, a blockchain focused on tokenized real-world assets (RWAs), 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.
The company is developing an "asset-native" network designed for large-scale, regulated financial activities, targeting a market estimated at $50 trillion. Pharos utilizes parallel processing for high transaction volumes and integrates compliance features essential for institutional audit trails and identity verification. This significant funding comes amid increasing interest in bringing diverse assets, such as bonds and energy projects, onto blockchain technology.
The recent funding follows a $8 million seed round and a prior investment from GCL New Energy that neared the $1 billion valuation. Pharos Network's mainnet is slated for debut in the near future.