Boba Network, a relatively new Ethereum-scaling solution provider, is all the rage after it closed a Series A funding round at a $1.5 billion valuation. The announcement lifted the protocol’s native token, BOBA, from $1.47 to $1.86. At the time of publication, the currency was trading around $1.75, up by 22% from the previous day.
📢📢 Boba Network has closed a $45M Series A Round at $1.5b Valuation 📢📢
•Close to 400 participants
•Includes https://t.co/b5kJgDGKgX, Huobi, M13, and others
•Focus on scaling and ecosystem development
More details: https://t.co/sFf2p4jao5
— Boba Network ($BOBA) (@bobanetwork) April 5, 2022
Boba Network is a blockchain protocol launched by the OMG Foundation core contributor Enya.ai in September 2021. It uses an Ethereum scaling solution called Optimistic Rollup (ORU) to enable rapid transaction processing with significantly lower fees than Ethereum.
Nearly 400 participants, including multiple exchanges, VC firms, and angel investors, contributed to the $45 million funding. Crypto.com, Huobi, BitMart, Kinetic Capital, Infinite Capital, Hack VC, and 10X are some of the renowned brands to invest in Boba Network. Other notable investors include Will Smith and Keisuke Honda’s Dreamers VC, Paris Hilton and Carter Reum’s M13, Tony Robbins, Joe Montana, and KSHMR.
“Having so many amazing investors demonstrate their confidence in our vision and technology reinforces our belief that what we’re building is important and necessary,” Boba Network Founder and CEO Alan Chiu, said in a statement. “Hybrid Compute will scale Web3 development, enabling builders to deliver innovative products with greater functionality.”
Proceeds from the funding, which were raised via a token sale, will be used to grow the project team and ecosystem through developer programs such as Boba Accelerator, grants, and more. It also seeks to address Ethereum’s “computational limitations” and offer greater capabilities to decentralized finance (DeFi) protocols using its own hybrid compute services.