Pharos Launches Testnet, Aims to Bridge TradFi and Blockchain

Pharos, a Layer 1 public blockchain focused on traditional finance (TradFi), has officially launched its testnet. This development marks a significant milestone for the blockchain, which aims to bridge the gap between traditional financial systems and decentralized technologies.

The launch of the testnet follows a series of strategic moves by Pharos. The blockchain's founder and CEO, Alex Zhang, previously served as the CTO at AntChain. Meng Wu, the co-founder and CTO of Pharos, was the Chief Security Officer of Ant Financial's Web3 business. Laura Shen, the CMO of Pharos, previously held the position of Head of Solana Mobile Marketing at Solana Labs. This team brings a wealth of experience from both traditional finance and blockchain technology, positioning Pharos to make a substantial impact in the industry.

Pharos completed an $8 million seed round of funding on November 9, 2024. The round was led by Lightspeed Faction and Hack VC, with SNZ Capital participating as a strategic investor. Other investors included Dispersion Capital, Hash Global, Generative Ventures, MH Ventures, Zion, and Chorus One. This funding round underscores the confidence that investors have in Pharos' vision and potential.

The launch of the testnet is a crucial step for Pharos as it prepares to enter the competitive blockchain landscape. By focusing on TradFi, Pharos aims to provide a robust and secure platform that can integrate with existing financial systems, offering new opportunities for innovation and efficiency. The testnet phase will allow developers and users to explore the capabilities of the Pharos blockchain, providing valuable feedback that will shape its future development.

As Pharos moves forward with its testnet, the blockchain community will be watching closely to see how this new player can disrupt the traditional finance sector. With a strong team and significant backing from investors, Pharos is well-positioned to make a meaningful impact in the blockchain industry. The successful launch of the testnet is a testament to the hard work and dedication of the Pharos team, and it sets the stage for an exciting future in the world of decentralized finance.