Ethereum Layer 2 Boba Network Hits Unicorn Status With $45M Raise

Boba Network, an Ethereum Layer 2 scaling solution utilizing optimistic rollups, has raised $45 million in Series A funding at a $1.5 billion valuation, giving the company the unique distinction of being labeled a unicorn. Latest Crypto Firm to Hit Unicorn Status Boba Network’s funding round saw close to 400 participants, including crypto exchanges such as Crypto.com, Huobi, and BitMart, as well as notable 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. Other notable investors include the Dreamers VC (Will Smith and Keisuke Honda), M13 (Paris Hilton and Carter Reum), Tony Robbins, Joe Montana, and KSHMR. According to founder Alan Chiu, this was Boba’s first funding round and realized via a token sale. While Chiu declined to share the terms of the token sale, it appears that investors bought the BOBA token at a higher price than its current market price of around $1.50. BOBA’s current fully diluted valuation stands lower at about $740 million. The network’s TVL currently comes in at $171 million, which puts it in sixth place among Ethereum rollup-based layer-2s, according to L2beat.The post Ethereum Layer 2 Boba Network Hits Unicorn Status With $45M Raise appeared first on Cryptoknowmics-Crypto News and Media Platform.