Pharos – a comprehensive, parallel layer 1 blockchain network – announced the completion of an $8 million seed investment co-led by Lightspeed Faction and Hack VC, with additional participation from strategic investor SNZ Capital and others investors, including Reforge. , Dispersion Capital, Hash Global, Generative Ventures, Legend Star, MH Ventures, Zion and Chorus One Ventures.
The company also plans to use the funding to accelerate the development of the Pharos protocol and drive ecosystem and community growth. It will maintain its vision of driving mass adoption through effective implementation of blockchain technology in the verticals of decentralized finance, real-world assets, etc.
Alongside this funding round, Pharos announced a strategic partnership with ZAN, Ant Digital Technologies’ Web3 brand, to jointly explore and develop web3 infrastructure, focusing on node serving, security and acceleration. material.
With hyper-parallelism between consensus, execution, storage and heterogeneous hardware, Pharos delivers unparalleled scalability and performance, enabling a real-time decentralized payments network for global access. And Pharos envisions a real-time payments network that not only delivers unparalleled scalability and performance, but also connects existing FinTech services with trustless Web3 innovations to onboard billions of new users and real-world assets into the Web3 ecosystem.
KEY QUOTES:
“We are extremely grateful for the trust and support of our investors. This is just the beginning of an exciting journey. At Pharos, we are driven by our belief in bridging existing FinTech services with trustless Web3 innovations to onboard billions of new users and real-world assets into the Web3 ecosystem. This seed cycle brings us closer to realizing this vision.
- Alex Zhang, CEO of Pharos
“Pharos’ unique approach to parallelism and high-performance architecture makes it a game-changer in bridging real-world assets and decentralized finance. We are excited to be part of Pharos’ seed funding round, which advances its vision of a truly interconnected and scalable blockchain network.
- Clara Boh, transaction partner at Faction
“For blockchains to become widespread and truly mass adopted, they must become orders of magnitude more scalable and capable. The Pharos team has been working on this problem for years, at the highest level, and we are excited to now help them solve these problems with the Pharos protocol.
- Alex Pack, Managing Partner at Hack VC
