Fantom's Sonic Blockchain Receives Major Funding for Upcoming Launch

Friday, 24 May 2024, 10:03
Fantom's Sonic Foundation and Sonic Labs secure $10 million funding led by Korean fund Hashed. The creation of Sonic Foundation for governance and Sonic Labs for growth has set the stage for the launch of the new Sonic blockchain in late summer or fall. Designed for speed and scalability, Sonic aims to bridge with Ethereum for enhanced user access and liquidity.
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Fantom's Sonic Blockchain Receives Major Funding for Upcoming Launch

Fantom's Sonic Blockchain Receives Major Funding

The Sonic Foundation and Sonic Labs, backed by a $10 million funding round led by Korean crypto fund Hashed, are poised to propel Fantom's new Sonic blockchain.

The Sonic Foundation & Sonic Labs Mission

  • Network governance & treasury management
  • Drive dApps growth, partnerships, and user engagement

Fantom plans to utilize the recent capital raise for strategic growth and ecosystem development.

Key Highlights:

  1. $10 million funding round closed
  2. Launch of Sonic blockchain expected late summer or fall
  3. Technology designed for speed and scalability

Sonic blockchain will incorporate a layer-2 bridge to connect with Ethereum, promising enhanced transaction processing capabilities.

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