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Venture capital firms backed by Will Smith, Paris Hilton invest in blockchain network Boba -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Will Smith appears at the Oscars arrivals in Hollywood on March 27th, 2022.

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By Lisa Pauline Mattackal

(Reuters) -The Ethereum blockchain-scaling platform Boba Network raised $45million in its series-A round with participation by Will Smith, Dreamers VC, Paris Hilton, and Carter Reum, according to the company.

Boba is valued at $1.5 billion. Former football player Joe Montana, and the crypto-funds Hypersphere and Infinite Capital are also investing.

Boba allows you to create decentralized apps using the Ethereum blockchain at lower costs and with greater features. You can also transfer non-fungible tokens across different layers of ethereum.

Alan Chiu, founder of the company, stated that it plans to make use of the funds to grow Web3 offerings and to invest in projects that build on its ecosystem.

According to CoinMarketCap, the market capitalization for Boba Network’s cryptocurrency token rose more than 19% to $272.1million after its announcement. Meanwhile, its price rose from $1.44 to $1.71,

As the blockchain gained popularity, the “gas” fees or cost of execution transactions have risen dramatically over the last few years. There are platforms that can reduce costs and accelerate transactions.

Venture capitalists have invested millions in startups using blockchain technology, including SoftBank Vision Fund 2 or Bain Capital Ventures. This is just a small sampling of the many crypto-focused funds and investments made by venture capital firms since 2022.

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