Boba Network raises $45 million at a $1.5 billion valuation

The Boba Network project, focused on layer-2 solutions for Ethereum scalability, raised $45 million. Investors valued the platform at $1.5 billion.

📢📢 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

The Series A round was conducted as a token sale. Participants included Crypto.com, Huobi, BitMart, Kinetic Capital, Infinite Capital, Hack VC, Dreamers VC led by Will Smith, M13 Ventures, and about 400 other investors.

Founder Alan Chiu said the raised funds would be used to grow the team, provide grants to developers, and ramp up marketing efforts.

The Boba Network mainnet launch took place on September 20, 2021. The project is developed by the Enya team, a member of the OMG Foundation.

The protocol runs on layer-2 solutions Optimistic rollups.

As of writing, the TVL of the Boba Network platform stands at $171 million.

Symbiosis Finance signed a partnership with the Boba Network platform.

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