Boba Network Reaches a $1.5B Valuation

The Boba Network project, which is focused on second layer solutions for ETH scaling, has raised $45M and investors have valued the platform at $1.5B.

The Series A funding round has been held in the form of a token sale. It has seen the participation of Crypto.com, Huobi, BitMart, Kinetic Capital, Infinite Capital, Hack VC, Dreamers VC led by Will Smith, M13 Ventures and about 400 other investors.

The project founder Alan Chiu has stated the funds will allow the company to grow the team, provide grants to developers and also intensify marketing efforts.

The launch of the main Boba Network happened on September 20, 2021. The Enya project team, which is a member of the OMG Foundation, is working on the platform.