Another day, another crypto-corn—at least that’s what it seems like.
Palo Alto, California-based Ethereum Layer-2 scaling solution Boba Network locked up a $45 million Series A at a $1.5 billion valuation.
The round, which had close to 400 participants, has some big-name investors, including crypto exchange Crypto.com, Will Smith’s Dreamers VC, Paris Hilton and Carter Reum’s M13, Tony Robbins, Joe Montana and KSHMR.
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Boba’s platform allows developers to create decentralized applications on the Ethereum blockchain at reduced transaction—or “gas”—fees.
Reducing transaction costs and building more quickly on Ethereum—which can be slow—has become a popular business proposition through the last year as more developers look to the blockchain to build apps.
In February, India-based Polygon Technology, another Layer-2 scaling platform for the Ethereum blockchain, closed a $450 million round led by Sequoia Capital India at a reported $13 billion valuation. Polygon helps Ethereum’s network by moving some transaction details off the blockchain.
Boba says it will use the new proceeds to develop and scale its team and build its ecosystem through developer programs such as the Boba Accelerator.
Illustration: Dom Guzman
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