RWA network Pharos lands a $1 billion valuation in $44M funding round ahead of mainnet debut
The company is building an “asset-native” network designed to handle regulated financial activity at scale, targeting a market it values at $50 trillion.
What to know:
- Pharos Network, a layer 1 blockchain focused on tokenized real-world assets, raised $44 million in a Series A round led by traditional finance and crypto investors including Sumitomo Corporation and Chainlink.
- The company is building an “asset-native” network designed to handle regulated financial activity at scale, targeting a market it values at $50 trillion.
- Pharos has partnerships with energy firms for solar-backed assets and claims millions of users on its testnet, with a mainnet launch expected in the near future.
Pharos says it is building an “asset-native” network designed to handle regulated financial activity at scale. Its system uses parallel processing to support large volumes of transactions, with compliance features aimed at institutions that need audit trails and identity checks.
The company targets a market it values at $50 trillion. While far from that figure, the tokenization space has been growing, with data showing total real-world assets onchain are now at $24.3 billion. That’s up from $14 billion at the beginning of the year.
Pharos also pointed to activity on its testnet, which it said includes millions of users and unique addresses, and a partnership with energy firm GCL tied to solar-backed assets. These figures, common in pre-launch networks, are often driven by incentives and are hard to verify independently.
