Pharos secures investment from GLC New Energy at $1B valuation

Pharos, a Layer 1 blockchain specializing in financial infrastructure, announced it has secured an investment from Hong Kong-listed GLC New Energy. While the specific amount was not disclosed, the deal values Pharos at approximately $1 billion. Pharos plans to use the funding to focus on transitioning the real-world asset (RWA) market to an industrial commercialization phase. The two companies have also agreed to collaborate in areas such as tokenizing renewable energy assets, developing a decentralized energy trading system, and verifying carbon footprint tracking. Pharos aims to build a system connecting on-chain financial infrastructure with real-world energy infrastructure through its proprietary parallel execution architecture. The company was founded by former employees of Ant Group, China's largest fintech company, and is backed by global traditional finance investors including Hack VC and Faction VC.