Another day, another crypto-corn鈥攁t least that鈥檚 what it seems like.
Palo Alto, California-based Ethereum Layer-2 scaling solution Boba Network locked up a $45 million Series A at a $1.5 billion valuation.
The round, which had close to 400 participants, has some big-name investors, including crypto exchange , , and , , and KSHMR.
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Boba鈥檚 platform allows developers to create decentralized applications on the Ethereum blockchain at reduced transaction鈥攐r 鈥済as鈥濃�攆ees.
Reducing transaction costs and building more quickly on Ethereum鈥攚hich can be slow鈥攈as become a popular business proposition through the last year as more developers look to the blockchain to build apps.
In February, India-based , another Layer-2 scaling platform for the Ethereum blockchain, closed a $450 million round led by at a reported $13 billion valuation. Polygon helps Ethereum鈥檚 network by moving some transaction details off the blockchain.
Boba says it will use the new proceeds to develop and scale its team and build its ecosystem through developer programs such as the Boba Accelerator.
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