Pharos Network Raises $44 Million to Expand Tokenization Infrastructure
Pharos Network, a blockchain platform designed for real-world assets and cross-chain liquidity, has successfully raised $44 million in a Series A funding round. This round was led by GCL New Energy, with participation from Sumitomo Corporation's CVC arm, SNZ Holding, Chainlink, and Flow Traders. The company is focused on creating a fast, EVM-compatible Layer 1 network to unify Web2 and Web3 services at an internet scale.
Details of the Funding Round
The Series A round, closed on April 8, 2026, marks a significant milestone for Pharos Network as it continues to build its infrastructure aimed at bringing institutional-grade real-world asset (RWA) tokenization to the blockchain. With this latest funding, the company is eyeing a near $1 billion valuation, as it prepares for the launch of its mainnet.
Use of Funds
The newly acquired capital will be utilized to scale Pharos Network's infrastructure across Asia and other global markets. The focus is on establishing robust systems that can handle regulated financial activities, including tokenizing assets like bonds, energy projects, and private credit. Additionally, the company plans to enhance its compliance features, which are essential for institutions requiring audit trails and identity verifications.
Market Potential and Partnerships
Pharos Network is targeting a massive market it estimates to be worth $50 trillion. The blockchain platform is positioning itself as an "asset-native" network capable of supporting large transaction volumes through parallel processing. The company has also formed strategic partnerships with energy firms, including an alliance with GCL New Energy for solar-backed assets.
Growth and Future Prospects
The company has reported having millions of users on its testnet, indicating a strong interest and potential user base ahead of its mainnet debut. Although these figures are typical for pre-launch networks and often driven by incentives, they highlight the growing interest in tokenized real-world assets.
With the backing of both traditional finance and crypto investors, Pharos Network appears well-positioned to make significant strides in the blockchain space, focusing on scalable and compliant solutions for real-world asset tokenization.