- The Series A round values the company at $1.5 billion and brings together the brightest minds of Web3 to unlock the full potential of Ethereum
- Notable co-investors include Crypto.com, M13 and Hypersphere
TORONTO, April 5, 2022 /PRNewswire/ – DeFi Technologies Inc. (the “Company” Where “DeFi Technologies“) (NEO: DEFI) (GR: RMJR) (OTC: DEFTF), a technology company bridging traditional capital markets and decentralized finance, today announces its participation in the $45 million Series A Increase for Boba Network, a Decentralized Autonomous Organization (DAO), and a next-generation Ethereum Layer-2 Optimistic Rollup scaling solution. The Series A raise values the project at $1.5 billion. Funding will address Ethereum compute limits and support greater functionality for decentralized applications (dApps) via Boba’s Hybrid computing platform.
The round saw notable participation from successful crypto funds such as Hypersphere Infinite Capital, Hack VC, GBV, Sanctor Capital and Shima Capital, as well as those with strong regional networks like Kinetic Capital, Ghaf Capital, LD Capital, Old Fashion Research , Alphanonce, IOST and ROK Capital. Other notable investors include Dreamers VC (Will Smith and Keisuke Honda), M13 (Paris Hilton and Carter Reum), Tony Robin, Joe Montanaand KSHMR.
Boba’s Hybrid Compute brings the power of Web2 on-chain for the first time, allowing smart contracts to call any external Web2 API to run complex algorithms such as machine learning classifiers, extract data from the world real or enterprise in a single atomic transaction, or synchronize with the latest state of a game engine. By leveraging off-chain computing and real-world data, developers and creators can deliver an unprecedented rich experience on the market today.
Boba’s Optimistic Rollup technology offers lightning-fast transactions and up to 60x lower fees than Ethereum, while maintaining Ethereum’s robust security and decentralization. Boba also offers fast exits backed by community liquidity pools, reducing the Optimistic Rollup exit period from days to minutes while providing liquidity providers with incentivized yield farming opportunities.
Alan Chiufounder of Boba Network, said, “This fundraiser aims to create a large-scale alliance to build the Boba ecosystem. Having so many incredible investors demonstrating their confidence in our vision and our technology reinforces our belief that what we are building is important and necessary. . Hybrid computing will evolve Web3 development, allowing vendors to deliver innovative products with more functionality. »
Boba also created one of the first bridges to transport non-fungible tokens (NFTs) from layer 2 blockchains to layer 1 of Ethereum and vice versa. Typically, when NFTs are created on a Layer 2 blockchain, they remain tied to that particular protocol. Boba’s NFT Bridge allows NFTs to be moved and traded throughout the Ethereum ecosystem, dramatically increasing NFT liquidity.
Diana BiggsChief Strategy Officer of DeFi Technologies, said, “Layers 2 are critical to the scalability and usability of Web3 and the Boba Network is arguably one of the most exciting platforms in the space. making these improvements while maintaining the security and decentralization of Ethereum is an incredible achievement and it’s only just begun. We’re excited to support Boba and look forward to what’s to come!”
Beyond the start of Boba development, the raise will allow the protocol to invest in Boba ecosystem projects and leverage the combined expertise of some of the biggest names in Web3. Participating investors share Boba’s vision of fostering crypto accessibility and freeing up developers who have been restricted by Ethereum’s computational limitations.
Other attendees include the founders of industry stalwarts Quantstamp, Origin Protocol, The Graph, Fractional Art, High Street, ANKR, UMA, Nillion, deBridge, FEI Labs, DoinGud, Utopia Labs and Sense Protocol; as well as crypto exchange giants such as Crypto.com, Huobi, and BitMart.
About DeFi Technologies
DeFi Technologies Inc. is a technology company that bridges the gap between traditional capital markets and decentralized finance. Our mission is to expand investors’ access to cutting-edge decentralized technologies that we believe are central to the future of finance. On behalf of our shareholders and investors, we identify opportunities and areas for innovation, and build and invest in new technologies and businesses to provide trusted and diverse exposure across the decentralized finance ecosystem. For more information or to sign up to receive company updates and financial information, visit https://defi.tech/.
About the Boba Network
Boba Network is an EVM-equivalent hybrid computing platform built on an optimistic deployment architecture, helping developers build more feature-rich dapps by enabling smart contracts to take advantage of complex off-chain computations or bring off-chain data. Boba offers one of the easiest to use blockchain platforms for end users thanks to their multi-token on-ramp, fast exit, and NFT bridge.
Boba is maintained by the Enya team.
For more information, please visit: https://boba.network
Caution Regarding Forward-Looking Information:
This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements regarding the Company’s participation in the Boba Network Series A raise; Boba’s Hybrid Computing Network and Boba’s Optimistic Rollup Technology; the pursuit by DeFi Technologies and its affiliates of business opportunities; and the potential merits or returns of such opportunities. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is planned”, “budget”, “expects”, “estimates”, “plans”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions or states that certain actions, events or results “may”, “could”, “would”, “could” or “will be taken”, “will occur” or “will be carried out”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as applicable, to differ materially from those expressed or implied by such forward-looking information. These risks, uncertainties and other factors include, but are not limited to, the ability of Boba’s hybrid compute network and Boba’s Optimistic Rollup technology to perform as intended; the growth and development of the DeFi and cryptocurrency industry; rules and regulations regarding DeFi and cryptocurrency; general business, economic, competitive, political and social uncertainties. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be those anticipated, estimated or expected. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
All information in this press release regarding DeFi Technologies and Boba Network has been provided by the parties respectively for inclusion herein, and each party and its directors and officers have relied entirely on the other parties for any information regarding the other part. DeFi Technologies has not performed due diligence on the information provided by Boba Network and assumes no responsibility for the accuracy or completeness of such information.
THE NEO EXCHANGE ACCEPTS NO RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
SOURCE DeFi Technologies, Inc.