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

The Boba Network is an Ethereum blockchain scaling platform and has just raised $45 million in its series A round. Investors in this series include Will Smith-led Dreamers VC, Paris Hilton and husband Carter Reum's M13 and cryptocurrency exchange Crypto.com.

The funding round gives the Boba Network a valuation of $1.5 billion. Further investors are former football quarterback Joe Montana and crypto funds Hypersphere and Infinite Capital.

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

What is Boba Network?

Boba allows its users to develop decentralized apps (dApps) on the Ethereum blockchain with several additional features, at lower fees, and makes it also possible to transfer NFTs across Ethereum's different layers.