Pharos Network Secures $44M in Funding for Asset-Native Blockchain

Pharos Network, a layer 1 blockchain focused on tokenized real-world assets, has made significant strides in its development. In a recent funding round, the company raised $44 million from a mix of traditional finance and crypto investors.

The Series A funding round was led by Sumitomo Corporation's venture arm, SNZ Holding, Chainlink, and Flow Traders, with additional backing from unnamed financial institutions described as 'giants in global finance.'

Pharos Network is building an 'asset-native' network designed to handle regulated financial activity at scale. Its system utilizes parallel processing to support large volumes of transactions, with compliance features aimed at institutions requiring audit trails and identity checks.