‘This is the Boba blockchain, you know, it’s not the Boba water you always drink.’
Ethereum -backed blockchain scale platform, Boba Network managed to raise US $ 45 million in series A investments with participation from Dreamers VC led by Will Smith, Paris Hilton and Carter Reum's M13 company and crypto currency exchange, Crypto.com.
The investment series managed to generate $ 1.5 billion in funding for Boba Network with former football player Jone Montana as well as crypto funds Hypersphere and Infinite Capital also making investments.
Summary about Boba, it allows users to develop decentralized applications on the Ethereum blockchain with more features and lower payment rates as well as allows non-fungible token (NFT) transfer across the Ethereum layer.
Its founder Alan Chiu said the company plans to use the accumulated funds to expand its Web3 offerings and invest in projects built on its ecosystem.
According to CoinMarketCap, the market capitalization of Boba Network’s crypto tokens increased 19% to $ 272.1 million after the announcement while its price rose $ 1.71 during that time.
Meanwhile, Ethereum’s ‘gas’ fee, i.e. the transaction execution price, has risen sharply in recent times due to the popularity of the blockchain.
As a result, venture capital firms have been plowing money into blockchain technology startups with SoftBank’s Vision Fund 2 and Bain Capital Ventures that have launched crypto -focused funds or invested in blockchain technology companies since early 2022.