Boba Network Secures $45 Million Fund, Backed by Will Smith

Boba Network Secures $45 Million Fund, Backed by Will Smith

The L2 scaling solution, built on the Ethereum network, completed its Series A round with support from famous celebrities.

With the blockchain industry becoming a familiar mainstream media subject, some well-known celebrities began participating in cryptocurrency and NFT investments.

According to the official blog post, the Ethereum scaling solution Boba has secured a $45M joint investment from nearly 400 supporters, putting the network at a total valuation of $1.5 billion.

Investors part of Boba Network’s Series A Fund include, Huobi, BitMart, Will Smith’s Dreamers VC, M13 (partners include Paris Hilton and her husband Carter Reum), Infinite Capital, Hypersphere, Genblock, and others.

By securing the investment, the L2 network will be investing in native projects, and expand its ecosystem by attracting more Web3 developers to create dApps on the Boba Network through its accelerator programs and incentives.

Alan Chiu, who is the CEO and Founder of Boba Network, spoke on the latest investment, stating:

"This fundraise is about building a broad-based alliance to build the Boba ecosystem. 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. Hybrid Compute will scale Web3 development, enabling builders to deliver innovative products with greater functionality."

Likewise, the Managing Director at chimed in by highlighting the Layer 2 network as the next step towards blockchain innovations with scaling solutions like Boba’s "Hybrid Compute", allowing smart contracts to interact with AI and machine learning technologies.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree