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- Boba Network has closed its Series A Funding round recently. Boba Network is a Layer 2 network based on Ethereum.
- The Layer 2 network has raised funds worth $45 million in Series A Funding, taking its valuation to $1.5 billion.
- The raised funds will be used to grow the team of the project and the ecosystem through programs such as the Boba accelerator. Investments, Grants, and other funds will be utilized to overcome Ethereum’s computational limitations.
Boba Network, an Ethereum-based Layer 2 network, has closed its Series A funding round.
Funding Will Be Used To Expand The Project Team
In a Series A funding round, Boba Network has raised funds worth $45 million amounting to its total valuation of $1.5 billion.
Around 400 groups and individuals took part in the funding round including Huobi, Sanctor Capital, Crypto.com, and Hypersphere among other well-known participants such as founders of popular crypto industry projects such as Origin Protocol, ANKR, and The Graph.
Funds will be utilized to expand the team of the project along with the ecosystem through developer programs like the Boba Accelerator. Investments, Grants, and other funds will further support the project to conquer the computational limitations of Ethereum.
The founder of the project, Alan Chiu, notes that the fundraiser is all about establishing a broad-based partnership to create the Boba ecosystem.
Further, he adds that the different groups that participated in the sale motivated the project team that whatever they’re building is significant and necessary.
Overview Of Boba Network
Boba as a Layer 2 network offers cheaper and faster transactions than Ethereum itself.
In addition, Boba Network implements a Hybrid Compute approach for interacting with systems that stand off-chain.
The project team stationed Turing Hybrid Compute to Ethereum’s main net, enabling developers to develop blockchain applications that conjure code executed on Web2 infrastructure.
The project also backs one of the first bridges facilitating the non-fungible token transfer from Layer 2 blockchains to Ethereum’s Layer 1 network.
BOBA, the governance token of the project, has a market cap of $285 million, as of now. At the time of writing, the price of the token stands at $1.84, 77.4% less than its all-time high of $7.93 in November 2021.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
