Ethereum receives initial investment of $10 million for construction of regulated Layer-2 network, courtesy of Parfin.
Parfin, a permissioned Ethereum Layer 2, has successfully raised $38 million in its first tranche of a Series A round. The funding will be used to accelerate the development of the Rayls Network, an UniFi blockchain network, and advance global expansion.
The Rayls Network, currently in development, aims to combine the reliability, privacy, and compliance of traditional finance with the access, innovation, and endless possibilities of decentralized finance. It is intended for use cases including tokenization, Central Bank Digital Currencies (CBDCs), and intra-institution transactions.
ParaFi Capital led the funding round, with participation from Framework Ventures, L4 Venture Builder, and Núclea. The Brazilian Central Bank has also chosen Rayls for the development of its CBDC. Additionally, Banco BV and crypto exchange Bitso are leveraging Rayls for their various crypto projects.
Parfin's co-founder, Marcos Viriato, emphasized the company's role in helping banks and financial institutions realize new sources of revenue and stay relevant by leveraging the efficiency, security, and transparency of digital assets.
In addition to the $38 million raised, Parfin plans to raise an additional $16 million in the second tranche of the Series A round.
As part of its growth strategy, Parfin has been selected for the Mastercard Start Path program. This program provides tailored training, collaboration opportunities, access to Mastercard's network, and customers for Parfin.
For the latest updates on Parfin and the Rayls Network, it is recommended to check Parfin’s official website, press releases, or authoritative crypto news outlets directly. The search results mainly cover unrelated topics such as liquidity layers for Ethereum, Ethereum market analysis, and unrelated crypto projects.
Stay tuned for more updates as Parfin continues to shape the future of institutional adoption for digital assets.
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