Boba Network, a project focused on second-tier solutions to scale Ethereum, has just raised $45 million, resulting in the company's valuation soaring to $1.5 billion.
According to the press release shared by the company, the Series A funding round has been carried out through a token sale. Crypto.com, Huobi, BitMart, Kinetic Capital, Infinite Capital, Hack VC, Dreamers VC led by Will Smith, M13 Ventures as well as 400 other investors have participated in it.
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Alan Chiu, the founder of the project, has said the funds will be used to grow the team, provide grants to developers and intensify marketing efforts.
The Boba mainnet was launched on September 20, 2021. The Enya project team, a member of the OMG Foundation, is working on the platform.
The protocol works on the basis of the second-level solution Optimistic rollups.