Blockchain platform Phoenix has raised $7 million in venture capital.
Multicoin capital And Collider Companies led the seed funding round. A host of other investors including Node capital, Bankless, HackVC, TaneLabsAnd Metaplanetjoined the effort.
The capital injection will be used to launch the Fhenix Network public testnet in the coming year and strengthen the development of ecosystem applications.
The importance of such developments in the blockchain sector will be a key topic of discussion at Benzinga’s Future of Digital Assets conference on November 14. The event promises to shed light on the evolving dynamics of digital currencies and the challenges they pose in the global arena. .
“Fhenix addresses a significant gap in the… Ethereum ETH/USD ecosystem by ensuring encryption for commercially sensitive data,” said the startup founder Guy Zyskind said.
Zyskind, who is also the founder and CEO of SCRT laboratorieshighlighted Fhenix’s ability to build trust among users to store sensitive data on public blockchains and provide developers with the tools to compute and transform that data.
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The Fhenix platform runs on the fhEVM, an extension kit for the Ethereum Virtual Machine (EVM), allowing developers to effortlessly integrate FHE into their workflows.
This protocol was originally created by a cryptography company Zamawas integrated into the Fhenix network via a strategic alliance.
After launching a private devnet in July, Fhenix is gearing up to unveil “Renaissance,” its official public testnet, in the first half of 2024.
This initiative is poised to serve as a sandbox for developers, aiming to foster a vibrant ecosystem that accelerates the adoption of fully homomorphic encryption (FHE) technology in the blockchain domain.
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