Boba Network Raised $45M, Partnerships from Huobi and Crypto.com

Boba Network, a company dedicated to improving Ethereum’s transaction capacity, announced it raised $45 million in a series A round led by Huobi, Crypto.com and BitMart with an evaluation of $1.5 billion. 

They also took to Twitter to publicize the news. 

Not only did the cryptocurrency exchange giants lead the way, but they were followed by some celebrities as well including Paris Hilton’s M13, Tony Robbins, Joe Montana, KSHMR and Will Smith’s Dreamers VC. In total, just shy of 400 participants got in on this funding round. 

This funding round brought together some of the brightest minds leading this industry with a goal of making crypto more accessible to people around the world. In addition, it wants to provide the framework to overcome Ethereum’s computational limitations and empower blockchain developers never before imagined. 

In short, Boba Network aims to be the people’s layer 2 (L2) Ethereum scaling and augmenting solution. L2s are a secondary framework or protocol that operates on an existing blockchain. Boba Network plans to be the eminent Ethereum L2.  

“This fundraise is about building a broad-based alliance to build the Boba ecosystem,” Alan Chiu, Boba Network’s founder and CEO said. “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 built by Enya, a decentralized infrastructure provider gained popularity when it launched mainnet and BOBA (the native token) in September of last year. The token is intended to further grow the network. 

Author: Tyler Irvin

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