Blockchain platform Fhenix clinched $7 million in venture capital.

Multicoin Capital and Collider Ventures led the seed funding round. A host of other investors, including Node Capital, Bankless, HackVC, TaneLabs, and Metaplanet, joined the effort.

The capital infusion will be used to launch the Fhenix Network's public testnet in the upcoming year and bolstering ecosystem application development.

The significance of such advancements in the blockchain sector will be a key topic of discussion at Benzinga's Future of Digital Assets conference on Nov. 14. The event promises to shed light on the evolving dynamics of digital currencies and the challenges they present in the global arena.

"Fhenix addresses a significant gap in the Ethereum (CRYPTO: ETH) ecosystem by ensuring encryption for commercially sensitive data," startup founder Guy Zyskind said.

Zyskind, who is also the founder and CEO of SCRT Labs, emphasized Fhenix's ability to instill confidence in users to store sensitive data on public blockchains and provide developers with the tools to compute and transform that data.

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The Fhenix platform operates on the fhEVM, an extension set for the Ethereum Virtual Machine (EVM), enabling developers to effortlessly integrate FHE into their workflows.

This protocol, originally crafted by cryptography firm Zama, was integrated into the Fhenix Network through a strategic alliance.

After launching a private devnet in July, Fhenix is gearing up to unveil "Renaissance", its official public testnet, in the first half of 2024.

This initiative is poised to serve as a sandbox for developers, aiming to foster a vibrant ecosystem that accelerates the adoption of fully homomorphic encryption (FHE) technology across the blockchain domain.

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