Boba Network an Ethereum L2 scaling platform has joined the ranks of “crypto unicorns,” after a $45 million Series A funding, bringing its valuation to $1.5 billion.
Infinite Capital, Hypersphere, 10X Capital, Hack VC, GBV, Sanctor Capital, Shima Capital, Kinetic Capital, IOST, and ROK Capital were among the crypto-focused venture funds that participated in the investment round.
Will Smith’s Dreamers VC, Paris Hilton’s M13, and other crypto industry pioneers from ventures including Origin Protocol, The Graph, FEI Labs, and exchange behemoths Crypto.com and Huobi also contributed.
Boba Network was valued at $1.5 billion in Series A, earning it the honour of being dubbed a unicorn. A unicorn in the startup world is a company with a valuation of at least $1 billion. In 2021, the crypto sector crowned dozens of unicorns, with venture capitalists spending more than $25 billion on equity in developing blockchain enterprises.
Enya, a decentralized infrastructure provider, introduced the Boba Network in 2018. Until the launch of its mainnet and BOBA governance token in September 2021, the project mainly went unnoticed. The BOBA coin is designed to help the network evolve into a DAO (decentralized autonomous organization).
Boba is a next-generation Ethereum Layer-2 scaling solution that seeks to address many of Ethereum’s most pressing issues while also enhancing its smart contract capabilities.
The funds will be used to grow internal capacity and invest in ecosystem projects that harness the experience of Web3 industry experts, according to Boba’s developers.