DeFi Technologies Inc. took part in a $45 million Series A raise for Boba Network, a DAO and next-generation Ethereum Layer-2 Optimistic Rollup scaling solution, Invezz learned from a press release. The funding round brings the project value to $1.5 billion.
The funding is aimed at addressing Ethereum’s (ETH/USD) computational limitations and leveraging Boba’s Hybrid Compute platform to achieve greater functionality for decentralized applications (dApps).
An A-list of participants
Notable crypto funds such as Hack VC, Shima Capital, Hypersphere Infinite Capital, GBV, Sanctor Capital, Quantstamp, The Graph, Origin Protocol, Fractional Art, UMA, Nillion, High Street, ANKR, deBridge, FEI Labs, DoinGud; crypto exchange giants like Crypto.com, Huobi, and BitMart; Utopia Labs and Sense Protocol were involved in the raise.
Unparalleled capabilities
Boba’s Hybrid Compute is the first product to deliver the power of Web2 on-chain, enabling smart contracts to call any external Web2 API to execute machine learning classifiers and other complex algorithms, sync with the latest state of a gaming engine, pull in real-world or enterprise data in a single atomic transaction, and more.
These capabilities have no analog on the market today.
Boba’s Optimistic Rollup technology offers fees up to 60x less than Ethereum and lightning fast transactions while maintaining Ethereum’s solid decentralization and security.
Alan Chiu, Boba Network Founder, said:
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.
The first NFT bridge from L2 to Ethereum
Boba is behind one of the first bridges capable of transporting NFTs from layer-2 blockchains to the Ethereum Mainnet and vice versa.
Boba’s NFT bridge expands NFT liquidity significantly, allowing users to move and trade these assets throughout the Ethereum ecosystem.
Diana Biggs, Chief Strategy Officer of DeFi Technologies, said:
Layer 2s are critical to the scalability and usability of Web3 and the Boba Network is arguably one of the most exciting platforms in the space. To bring these improvements whilst maintaining the security and decentralisation of Ethereum is an incredible achievement and they are only just getting started. We’re thrilled to be backing Boba and look forward to what’s to come!
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