Ethereum Layer 2 Network Fhenix Secures $15 Million in Series A Funding

Ethereum Layer 2 Network Fhenix Secures $15 Million in Series A Funding

Fhenix, an Ethereum Layer 2 network focused on data privacy, has recently closed its Series A funding round, raising a total of $15 million. The round was led by a16z, with participation from Polychain Capital, IOSG Ventures, Dragonfly Capital, and HashKey. Fhenix is developing a mainnet that is targeting a launch in Q1 of next year. The company has no plans to release a token at this stage but will launch a grant program to onboard developers onto its testnet. Including the seed round and Series A, Fhenix has now raised a total of $22 million in funding to date. Fhenix's focus on data privacy is a key differentiator in the Layer 2 market. The company's technology allows users to control their own data and choose who can access it. This is a major advantage over other Layer 2 networks that do not offer the same level of privacy. The funding will be used to continue developing Fhenix's mainnet and to expand the company's team. Fhenix is also planning to launch a number of new features in the coming months, including support for smart contracts and decentralized applications. Fhenix is a promising project with a strong team and a clear vision. The company's focus on data privacy is a key differentiator in the Layer 2 market, and its technology has the potential to revolutionize the way that we interact with our data.