Hybrid computing platform Boba Network has successfully secured the “unicorn” status as a crypto entity, via securing $45 million with Series A fundraising, highlighting the attraction of ETH layer-2 scaling solutions. 

Specifically, the fundraising reportedly witnessed numerous crypto-centric venture funds taking part in, nominally Infinite Capital, Hypersphere, 10X Capital, Hack VC, GBV, Sanctor Capital, Shima Capital, Kinetic Capital, IOST and ROK Capital. 

Additional contributors to the round reportedly also include Will Smith-led Dreamers VC, the Carter and Courtney Reum-founded M13, along with founders from the crypto sphere of initiatives like Origin Protocol, The Graph, FEI Labs, as well as exchange heavyweights Crypto.com and Huobi.

The Series A reportedly helped Boba Network achieve a $1.5 billion in valuation, making it possible for the firm to achieve the distinctive status of a unicorn. 

In the startup world, a unicorn is a firm that managed to attain a minimum of $1 billion in valuation, with the crypto sphere crowned dozens of unicorns last year, as venture funds invested more than $25 billion finalizing the acquisition of equity in emerging blockchain entities.

Boba Network was reportedly developed by Enya, a decentralized infrastructure provider, and rolled out in 2018. The initiative receive little attention until the release of its mainnet and BOBA governance token in September last year. 

The BOBA token was reportedly built with an intention of fast-tracking the network’s evolution as a decentralized autonomous organization (DAO).

Ethereum layer-2 networks are gaining noteworthy traction. The total value locked (TVL) on this network reportedly exceeded the record-breaking $7.2 billion benchmark not long ago.