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Fhenix Raises $15M & Launches Helium Testnet, Enabling Confidential Smart Contracts on Layer 2
The post Fhenix Raises $15M & Launches Helium Testnet, Enabling Confidential Smart Contracts on Layer 2 appeared on BitcoinEthereumNews.com. TLDR Fhenix, an Ethereum Layer 2 network focused on data confidentiality, has raised $15 million in a Series A funding round led by Hack VC, bringing its total funding to $22 million. Fhenix has launched its open testnet called Helium, allowing developers to deploy “confidential” smart contracts on the Fhenix Layer 2 network for the first time. The project uses fully homomorphic encryption (FHE) technology from cryptography company Zama to enable end-to-end data encryption, even during the processing stage. Fhenix aims to drive data confidentiality across the entire blockchain ecosystem and has partnered with EigenLayer to develop an FHE co-processor. The Fhenix mainnet is expected to launch in the first quarter of 2025, and the company has set up a grants program to attract developers to its testnet. Fhenix, (read our guide here) an Ethereum Layer 2 network developer focused on data confidentiality, has recently announced the successful completion of a $15 million Series A funding round. The round, led by Hack VC, saw participation from prominent investors such as Dao5, Amber Group, Primitive Ventures, GSR, Collider Ventures, and Stake Capital. This latest injection of capital brings Fhenix’s total funding to $22 million, following a $7 million seed round in September 2023. Alongside the funding announcement, Fhenix also launched its open testnet called Helium. This milestone marks the first time developers can deploy “confidential” smart contracts on the Fhenix Layer 2 network. The project leverages fully homomorphic encryption (FHE) technology from cryptography company Zama to enable end-to-end data encryption, even during the processing stage. FHE is considered the “holy grail” of cryptography, as it allows for the computation of encrypted data without the need for decryption. Fhenix co-founder and CEO Guy Itzhaki emphasized the importance of confidentiality in the blockchain ecosystem, stating, “After scaling, confidentiality is the next major hurdle…
The post Fhenix Raises $15M & Launches Helium Testnet, Enabling Confidential Smart Contracts on Layer 2 appeared on BitcoinEthereumNews.com.
TLDR Fhenix, an Ethereum Layer 2 network focused on data confidentiality, has raised $15 million in a Series A funding round led by Hack VC, bringing its total funding to $22 million. Fhenix has launched its open testnet called Helium, allowing developers to deploy “confidential” smart contracts on the Fhenix Layer 2 network for the first time. The project uses fully homomorphic encryption (FHE) technology from cryptography company Zama to enable end-to-end data encryption, even during the processing stage. Fhenix aims to drive data confidentiality across the entire blockchain ecosystem and has partnered with EigenLayer to develop an FHE co-processor. The Fhenix mainnet is expected to launch in the first quarter of 2025, and the company has set up a grants program to attract developers to its testnet. Fhenix, (read our guide here) an Ethereum Layer 2 network developer focused on data confidentiality, has recently announced the successful completion of a $15 million Series A funding round. The round, led by Hack VC, saw participation from prominent investors such as Dao5, Amber Group, Primitive Ventures, GSR, Collider Ventures, and Stake Capital. This latest injection of capital brings Fhenix’s total funding to $22 million, following a $7 million seed round in September 2023. Alongside the funding announcement, Fhenix also launched its open testnet called Helium. This milestone marks the first time developers can deploy “confidential” smart contracts on the Fhenix Layer 2 network. The project leverages fully homomorphic encryption (FHE) technology from cryptography company Zama to enable end-to-end data encryption, even during the processing stage. FHE is considered the “holy grail” of cryptography, as it allows for the computation of encrypted data without the need for decryption. Fhenix co-founder and CEO Guy Itzhaki emphasized the importance of confidentiality in the blockchain ecosystem, stating, “After scaling, confidentiality is the next major hurdle…
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