6 Apr 2022
Boba Network Gains Backing from Paris Hilton and Will Smith’s Venture Capital Group
The Index Today
Boba Network, an Ethereum blockchain platform, has gained $45 million in investments during its series A phase from Crypto.com and prominent Hollywood figures including Paris Hilton and her husband, Carter Reum, as well as Dreamers VC, whose co-founder is Oscar-winning actor Will Smith.
According to Reuters, the latest round of funding has placed Boba at $1.5 billion in valuation. The blockchain network affords users the opportunity to create decentralized applications with additional features at lower costs, while also facilitating the exchange of non-fungible tokens (NFTs) across the various levels of Ethereum.
Boba’s founder Alan Chiu revealed that the firm intends to use the funding to broaden its Web3 services while also looking to invest in ventures founded on its network.
According to CoinMarketCap, the company’s crypto token market capitalization soared by more than 19% to $272.1 million as its cost climbed from $1.44 to $1.71, spurred by the announcement.
©Photo: REUTERS/Maria Alejandra Cardona