Phantom Foundation Launches 'Sonic Foundation,' Secures $10 Million

IconCryptoNewsTerminal Staff23 May, 2024

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Phantom Foundation Launches 'Sonic Foundation,' Secures $10 Million

Phantom (FTM) Foundation has announced the establishment of Sonic Labs and the Sonic Foundation ahead of the launch of its proprietary blockchain network, Sonic Network. The Sonic Foundation will oversee governance and treasury management, while Sonic Labs will focus on decentralized application development. The Phantom Foundation also revealed that it has secured a $10 million strategic investment led by HashKey to support the Sonic Foundation. Other participants in the round included Signum Capital, SoftBank, and UOB Ventures. The launch of Sonic Network and the establishment of the Sonic Foundation are significant steps in Phantom's journey to create a more decentralized and user-friendly blockchain ecosystem.

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