Boba Network Secures $70 Million Investment for AI-Powered Blockchain Expansion

The Boba Governance Foundation has announced a significant milestone in AI-integrated blockchain innovation, securing a $70 million investment from Awaken Foundation and LDA Capital. This strategic funding is aimed at supporting the ongoing development and global expansion of Boba Network, a Layer-2 blockchain designed to power decentralized applications (dApps) with advanced AI capabilities.

In addition to the funding, the Boba Governance Foundation has reached a crucial agreement with the FTX Recovery Trust regarding the previously held BOBA tokens. This agreement resolves a key area of uncertainty about the token’s future and reinforces the Foundation’s commitment to ecosystem stability and growth.

The $70 million investment will be directed towards enhancing the network’s infrastructure for high-speed, secure transactions, expanding developer participation, and fostering the creation of next-generation AI-powered dApps. Alan Chiu, CEO of Enya Labs, a core contributor to Boba Network, highlighted that this funding will accelerate the development of the Boba Network ecosystem, attract top-tier talent, and drive the widespread adoption of Boba Network as a premier Layer-2 solution for AI-powered dApps.

Awaken Foundation, a strong advocate for digital sovereignty and open-source infrastructure, expressed confidence in Boba Network’s potential. Nattaphol Vimolchalao, Director of Awaken Foundation, noted that Boba’s integration of smart contracts with off-chain AI computation represents a transformative shift in the industry. The foundation is eager to support the expansion of decentralized AI across various sectors.

LDA Capital, known for backing high-growth tech ventures and digital assets, identified Boba Network as a key contributor to the advancement of scalable decentralized computing. Warren Baker, Managing Partner of LDA Capital, stated that Boba is well-positioned to lead the next wave of intelligent blockchain applications. LDA Capital’s support will help accelerate the project’s global growth and influence, with LDA Velocity, its institutional-grade liquidity and market-making platform, playing a crucial role in supporting sustainable token ecosystems on international exchanges.

In a pivotal move, the Boba Governance Foundation announced that it had reached a formal agreement with the FTX Recovery Trust, under which all BOBA tokens previously held by the Trust were returned to the Foundation. As part of the settlement, the Trust was also granted the option to purchase up to approximately 29.4 million BOBA tokens at a fixed price of $0.09 per token within 18 months. David Acutt described the agreement as a significant milestone for the project, noting that resolving the uncertainty surrounding the BOBA tokens not only removed a major overhang on the network but also enhanced the Foundation’s ability to focus on long-term ecosystem growth.

The targeted areas for the $70 million investment include strengthening network throughput, reducing latency, and enhancing security. Additionally, the funding will support grants, tools, and education to attract builders and dApp projects, prioritize the creation of decentralized applications using artificial intelligence, and expand outreach, support, and collaboration opportunities for developers and users alike.

The Boba Governance Foundation is a non-profit organization dedicated to the long-term advancement of the Boba Network. Its mission centers on nurturing a thriving ecosystem by supporting developer initiatives, promoting community engagement, and encouraging adoption of Boba’s HybridCompute-powered Layer-2 blockchain technology.

Awaken Foundation is a private entity that backs high-potential blockchain protocols. Founded by a team of seasoned professionals in cryptocurrency, venture capital, and public markets, Awaken provides strategic funding and operational guidance to projects poised to shape the future of decentralized technologies.

LDA Capital is an international firm with a track record of more than $11 billion in completed transactions. Its involvement in the Web3 totals upwards of $400 million in capital commitments, reflecting its strong focus on innovative digital asset ventures.