According to news from Deep Tide TechFlow, reported by The Block, Layer1 blockchain developer Pharos has completed a $8 million seed round financing, led by Lightspeed Faction and Hack VC, with SNZ Capital participating as a strategic investor.
Other investors include Dispersion Capital, Hash Global, Generative Ventures, MH Ventures, Zion, and Chorus One.
Pharos co-founder and CEO Alex Zhang stated, "The Pharos network is currently in internal development, with plans to launch a testnet in the first quarter of 2025 and a mainnet later this year."
Pharos is a cryptocurrency startup dedicated to building a Layer 1 blockchain network aimed at connecting traditional fintech services with Web3 technology.