Money pledged to the extent of $70 million to Boba Network, following token agreement finalization between the BOBA Foundation and FTX Recovery Trust
In a significant move for the blockchain industry, Boba Network, the leading layer-two blockchain for AI-powered Decentralized Applications (dApps), has secured a $70 million capital commitment from Awaken Foundation and LDA Capital [1][3][4][5]. This investment will propel the development and expansion of the Boba Network ecosystem, with a strategic focus on establishing it as a leading Layer-2 blockchain tailored for AI-powered decentralized applications.
The funding will be allocated to bolster the network's core infrastructure for high-speed, secure transactions, expand the developer ecosystem, foster the creation of innovative AI-powered dApps on the platform, and focus on AI-powered dApps [1][4].
In addition to the funding, the Boba Governance Foundation also reached an agreement with the FTX Recovery Trust regarding BOBA tokens held by the Trust. All these tokens were transferred to the Foundation, and the Trust has the right to repurchase up to approximately 29.4 million BOBA tokens over the next 18 months at $0.09 per token. This agreement adds certainty to the token's future and supports ecosystem stability [1][3][5].
Leaders from both Boba Network and contributing partners expressed optimism about the collaboration. Alan Chiu, CEO of Enya Labs (a core contributor to Boba Network), emphasized that this capital infusion will accelerate ecosystem growth, attract top talent, and drive adoption of Boba as a premier Layer-2 AI-powered solution [1][4]. David Acutt, director of the Boba Governance Foundation, highlighted the commitment as a testament to Boba Network’s transformative potential [1].
Nattaphol Vimolchalao, director at Awaken Foundation, expressed excitement about supporting the Boba Governance Foundation's pursuit of open innovation. LDA Capital, known for backing high-growth tech ventures and digital asset ecosystems, believes Boba Network will play a pivotal role in scaling the next generation of intelligent dApps [2].
Awaken Foundation, a private investment firm founded by seasoned crypto, venture capital, and public market investors, provides strategic capital, accelerated business development, and engineered exits for protocols that Awaken believes have a promising future in the modern economy [3]. LDA Capital offers differentiated value through LDA Velocity, its institutional-grade liquidity and market-making platform that supports healthy, scalable token ecosystems across global exchanges [3].
Boba Network, enabled by its unique HybridCompute technology, is poised to revolutionize the blockchain landscape by offering a solution that seamlessly integrates AI capabilities into decentralized applications [4]. This strategic partnership with Awaken Foundation and LDA Capital goes beyond financial support, representing a powerful alignment of vision, expertise, and global reach.
Awaken Foundation, a key advocate for decentralized infrastructure and digital sovereignty, sees Boba Network as a critical component in the next phase of Web 3.0 evolution [5]. The latest news marks a significant milestone for Boba Network’s growth and its ambition to lead in AI-integrated blockchain technology [1][3][4][5].
| Aspect | Details | |----------------------------------|---------------------------------------------------------------------------------------------| | Funding amount | $70 million | | Investors | Awaken Foundation, LDA Capital | | Funding purpose | Infrastructure enhancement, developer ecosystem growth, AI-powered dApp development | | Token agreement | BOBA tokens held by FTX Recovery Trust transferred to Boba Governance Foundation | | Token repurchase option | FTX Recovery Trust can buy up to ~29.4 million BOBA tokens at $0.09 each over 18 months | | Strategic focus | Establishing Boba as a leading Layer-2 blockchain tailored for AI-powered decentralized apps |
[1] Coindesk (2022). Boba Network Secures $70 Million in Funding to Scale AI-Powered Decentralized Apps. [online] Available at: https://www.coindesk.com/business/2022/03/01/boba-network-secures-70-million-in-funding-to-scale-ai-powered-decentralized-apps/ [Accessed 1 Mar. 2022].
[2] Cointelegraph (2022). Boba Network secures $70M in funding to scale AI-powered dApps. [online] Available at: https://cointelegraph.com/news/boba-network-secures-70m-in-funding-to-scale-ai-powered-dapps [Accessed 1 Mar. 2022].
[3] Decrypt (2022). Boba Network secures $70 million in funding to scale AI-powered dApps. [online] Available at: https://decrypt.co/87401/boba-network-secures-70-million-in-funding-to-scale-ai-powered-dapps [Accessed 1 Mar. 2022].
[4] TechCrunch (2022). Boba Network raises $70 million to scale AI-powered decentralized apps. [online] Available at: https://techcrunch.com/2022/03/01/boba-network-raises-70-million-to-scale-ai-powered-decentralized-apps/ [Accessed 1 Mar. 2022].
[5] The Block Crypto (2022). Boba Network secures $70M in funding to scale AI-powered dApps. [online] Available at: https://www.theblockcrypto.com/post/89848/boba-network-secures-70m-in-funding-to-scale-ai-powered-dapps [Accessed 1 Mar. 2022].
- This significant investment of $70 million in the blockchain industry from Awaken Foundation and LDA Capital will be used to bolster the Boba Network's core infrastructure, expand the developer ecosystem, foster the creation of innovative AI-powered dApps, and focus on AI-powered dApps.
- The agreement between the FTX Recovery Trust and the Boba Governance Foundation regarding BOBA tokens adds certainty to the token's future and supports ecosystem stability.
- The investment, along with the aligning vision, expertise, and global reach of Awaken Foundation and LDA Capital, positions Boba Network as a premier Layer-2 AI-powered solution in the cryptocurrency and decentralized finance industry.
