Phala Network Value Tops $10+ Million on New Fundraising

We are thrilled to announce: Phala completed a new round of fundraising with our new partners — Candaq Group, IOSG Ventures, SNZ Holding, Waterdrip Capital, Bishijie, Ruixin Capital, InfiChain, Incuba Alpha Group, Exoplanet Capital, and Blue Mountain Labs.

Since 2019 when we started to build a confidential network on Substrate, Phala has been striving to solve the privacy issue on-chain through a decentralized and scalable TEE network and pow-like incentive mechanism. Phala will then provide confidentiality protection for DeFi apps and data service networks as Polkadot parachain and a crucial member of Polka-ecosystem with 2 Polkadot-granted Web3.0 products (pLibra, W3A) and a to-be-announced decentralized dark pool :).

About Phala

A Substrate-based confidential smart contract blockchain on which you can develop confidentiality-preserving and privacy-first blockchain apps. Member of Substrate Builders Program starting lineup. Recipient of Web3 Foundation Grant.

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