Fhenix Raises $15 Million in Series A Funding for its Privacy-Focused Ethereum Layer 2 Network

Bittime -Fhenix, aconfidentiality-focused Layer 2 Ethereum network development company, has successfully closed a $15 million Series A funding round. The round was led by Hack VC, with participation from Dao5, Amber Group, 

Primitive Ventures, GSR, Collider Ventures, and Stake Capital. This brings Fhenix's total funding to $22 million, following a $7 million seed round in September 2023 led by Multicoin Capital.

Fhenix Focuses On Confidentiality

Fhenix aims to solve a critical challenge for Ethereum: achieving data confidentiality. Their Layer 2 network uses Zama's fully homomorphic encryption ( FHE ) technology to enable end-to-end data encryption, even during processing.

 This is a significant advance compared to existing solutions that rely on zero-knowledge technology, which cannot perform calculations on encrypted data.

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Open Testnet Now Available

Source: @FhenixIO/X

Along with the funding announcement, Fhenix launched their open testnet, dubbed Helium (originally named Renaissance). This testnet allows developers to experiment with deploying “secret” smart contracts on the Fhenix Layer 2 network for the first time.

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Mainnet Launch Coming Soon

Fhenix is ​​targeting their mainnet launch in the first quarter of 2025. This would mark a significant step forward in enabling confidential transactions and computation on the Ethereum blockchain, potentially accelerating its mainstream adoption.

Conclusion

Fhenix's successful funding round and testnet launch positions them well to overcome confidentiality barriers for Ethereum. Their FHE-based approach offers a promising solution for developers looking to build secure and private applications on the Ethereum blockchain.

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How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via  Bittime .  Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Monitor price chart movements  of Bitcoin (BTC) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Ethereum Layer 2 Growth Potential According to VanEck Analyst

List of the Most Popular Ethereum Layer-2: There is a Base and an Arbitrum!

Hong Kong Police Warn of Surge in Counterfeit Money in Crypto Scams

DISCLAIMER:  This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.