Boba Network Raises $45M From Crypto.com, M13, and Others to Advance Web3 Development on Ethereum

 

Boba Network, a Decentralized Autonomous Organization (DAO) and next-generation Ethereum Layer-2 Optimistic Rollup scaling solution, has successfully raised $45M USD in Series A, valuing the project at $1.5b. The funding will address Ethereum’s computational limitations and foster greater functionality for decentralized applications (dApps) through Boba’s Hybrid Compute platform.

The round saw participation from crypto exchanges such as Crypto.com, Huobi, and BitMart, as well as successful crypto funds such as Hypersphere, Infinite Capital, Hack VC, GBV, Alliance DAO, The Venture City, Sanctor Capital, Shima Capital, DeFi Tech, 10X Capital, TRGC, D1, Portal, Genblock, Rarestone, and Kosmos. Investors with strong regional networks like Kinetic Capital, Ghaf Capital, LD Capital, Old Fashion Research (led by ex-Binance CFO), Krypital, Alphanonce, IOST, ROK Capital, and RedlineDAO also participated.

Other notable investors include the Dreamers VC (Will Smith and Keisuke Honda), M13 (Paris Hilton and Carter Reum), Tony Robbins, Joe Montana, and KSHMR.

Additional participants include founders of industry stalwarts Quantstamp, Origin Protocol, The Graph, Fractional Art, Highstreet, Hanbitco, ANKR, UMA, Nillion, deBridge, FEI Labs, DoinGud, Utopia Labs, and Sense Protocol.

Beyond bootstrapping Boba’s development, the raise will enable the protocol to invest in Boba ecosystem projects and tap into the combined expertise of some of the biggest names in Web3. Participating investors share in Boba’s vision of fostering crypto accessibility and liberating developers who have been restricted by Ethereum computational limitations.

Boba’s Hybrid Compute brings the power of Web2 on-chain for the first time, allowing smart contracts to call any external Web2 API to execute complex algorithms such as machine learning classifiers, pull in real-world or enterprise data in a single atomic transaction, or sync with the latest state of a gaming engine. Leveraging off-chain compute and real-world data, developers and creators can offer an enriched experience unlike anything else on the market today.

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.”

Boba is also responsible for creating one of the first bridges to ferry non-fungible tokens (NFTs)  from layer-2 blockchains to Ethereum’s layer-1 and vice versa. Typically, when NFTs are minted on a layer-2 blockchain, they remain tied to that particular protocol. Boba’s NFT bridge allows NFTs to be moved and traded throughout the Ethereum ecosystem — greatly expanding NFT liquidity.

Bobby Bao, Managing Director of Crypto.com Capital, said: “Layer 2 innovations are among the most exciting products being developed in the crypto space today, none more so than Boba Network. Boba is developing industry-leading solutions such as Hybrid Compute to scale Web3, so we’re thrilled to be on board.”

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