Will Smith-backed venture capital firm Paris Hilton invests in Boba blockchain network

April 5 (Reuters) – (This April 5 article removes reference to venture capital firm M13’s investment in paragraph 1 after company clarifies)

Ethereum blockchain scaling platform Boba Network has raised $45 million in its Series A, with participation from investors including Dreamers VC led by Will Smith, Paris Hilton and her husband Carter Reum and cryptocurrency exchange Crypto.com, the company announced on Tuesday.

The funding round gives Boba a valuation of $1.5 billion, with former football quarterback Joe Montana and crypto funds Hypersphere and Infinite Capital also making investments.

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Boba allows users to develop decentralized applications on the Ethereum blockchain with more features and at a lower cost, and also to transfer non-fungible tokens (NFTs) across the different layers of Ethereum.

The company plans to use the funds to expand Web3 offerings and invest in projects built on its ecosystem, founder Alan Chiu said.

The market capitalization of the Boba Network crypto token increased by more than 19% to $272.1 million after the announcement, while its price rose from $1.44 to $1.71, according to CoinMarketCap.

Ethereum’s “gas” fee, or the price for carrying out transactions, has risen sharply over the past few years as blockchain has become more popular, giving rise to platforms designed to reduce expenses and accelerate transactions. transactions.

Venture capitalists have poured money into blockchain tech startups with SoftBank’s Vision Fund 2 and Bain Capital Ventures among those that have launched crypto-focused funds or invested in blockchain tech companies since inception from 2022. Read more

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Reporting by Lisa Pauline Mattackal in Bengaluru; Editing by Krishna Chandra Eluri

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