DeFi Technologies joins $45M raise for Boba Network to unchain Web3 development on Ethereum

• The Series A round evaluates the company $1.5 billion and gathers the brightest minds in Web3 to unleash the full potential of Ethereum

• Notable co-investors include Crypto.com, M13, and Hypersphere

TORONTO, April 5, 2022 /PRNewswire/ — DeFi Technologies Inc. (the “Company” or “DeFi Technologies”) (NEO: DEFI) (GR: RMJR) (OTC: DEFTF), a technology company bridging the gap between traditional capital markets and decentralized finance today known to have participated in the 45 million dollars Series A increase for Boba Network, a next-generation Decentralized Autonomous Organization (DAO) and Ethereum Layer-2 Optimistic Rollup scaling solution. The increase in Series A upgrades the project $1.5 billion. The funding will address Ethereum’s computational limitations and encourage greater functionality for decentralized applications (dApps) through Boba’s hybrid compute platform.

DeFi Technologies (CNW Group / DeFi Technologies, Inc.)

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 such as 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 Robbins, 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, retrieve real or enterprise data in a single atomic transaction, or the latest Sync state of a gaming engine. By leveraging off-chain computing and real-world data, developers and creators can deliver an enhanced experience not available on the market today.

Boba’s Optimistic Rollup technology offers lightning-fast transactions and fees up to 60x lower than Ethereum, while maintaining Ethereum’s robust security and decentralization. Boba also offers fast exits backed by community-driven liquidity pools, reducing Optimistic Rollup’s exit period from days to just minutes while incentivizing liquidity providers for yield farming opportunities.

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Alan ChiuBoba Network Founder, said, “This fundraiser is about building a broader alliance to build the Boba ecosystem. Having so many great investors demonstrate their confidence in our vision and technology reinforces our belief that what we are building is important and necessary Hybrid Compute will scale Web3 development and enable developers to innovate products with greater provide functionality.”

Boba also created one of the first bridges transporting non-fungible tokens (NFTs) from layer 2 blockchains to layer 1 of Ethereum and vice versa. Typically, when NFTs are minted on a Layer 2 blockchain, they remain tied to that particular protocol. Boba’s NFT Bridge makes it possible to move and trade NFTs across the Ethereum ecosystem – greatly expanding NFT liquidity.

Diana BiggesChief Strategy Officer of DeFi Technologies, said: “Layer 2s are critical to Web3’s scalability and usability, and the Boba Network is arguably one of the most exciting platforms in the space. Achieving these improvements while maintaining Ethereum’s security and decentralization is an incredible achievement and they’re just getting started. We are thrilled to support Boba and look forward to what’s to come!”

In addition to boosting Boba’s development, the capital increase will allow the protocol to invest in Boba ecosystem projects and draw on the combined expertise of some of the biggest names in Web3. Participating investors share Boba’s vision of promoting crypto accessibility and freeing developers who have been constrained by Ethereum’s computational limitations.

Other attendees include the founders of industry giants Quantstamp, Origin Protocol, The Graph, Fractional Art, High Street, ANKR, UMA, Nillion, deBridge, FEI Labs, DoinGud, Utopia Labs and Sense Protocol; along with crypto exchange giants like Crypto.com, Huobi, and BitMart.

Learn more about DeFi Technologies and Boba at defi.tech and https://boba.network.

About DeFi Technologies
DeFi Technologies Inc. is a technology company bridging the gap between traditional capital markets and decentralized finance. Our mission is to expand investor access to industry-leading decentralized technologies that we believe are at the heart of the future of finance. On behalf of our shareholders and investors, we identify opportunities and areas of innovation, and build and invest in new technologies and ventures to provide trusted, diversified exposure across the decentralized finance ecosystem. For more information or to subscribe 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 rollup architecture that helps developers build more feature-rich DApps by enabling smart contracts to leverage complex off-chain computations or run off-chain to bring in data. Boba offers one of the easiest to use blockchain platforms for end users through its multi-token ascent, fast egress and NFT bridge.

Boba is maintained by the Enya team.

For more information, visit: https://boba.network

Cautionary Statement 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 Boba Network’s Series A increase; Boba’s Hybrid Compute Network and Boba’s Optimistic Rollup technology; the pursuit of business opportunities by DeFi Technologies and its subsidiaries; and the benefits or potential returns of such opportunities. Generally, forward-looking information is identified by the use of forward-looking words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “planned”, “estimates”, “projects”, “intends”, “anticipate” or “do not anticipate” or “believe” or variations of such words and phrases or state that certain actions, events or results “may”, “might”, “would”, “might” or “will be taken”, ” occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, level of activity, performance or achievements, as the case may be, to differ materially from those expressed or implied by such forward-looking information. Such 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 function as planned; the growth and development of the DeFi and cryptocurrency sector; rules and regulations related to 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 could cause results not to be as anticipated, estimated or intended to fail. There can be no assurance that this 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 undertakes no obligation to update any forward-looking information except in accordance with applicable securities laws.

All information contained in this press release relating to DeFi Technologies and Boba Network has been provided by the parties, each for inclusion herein, and each party and its directors and officers have relied entirely on the other parties for information about the other party. DeFi Technologies has not carefully reviewed the information provided by Boba Network and accepts no responsibility for the accuracy or completeness of such information.

THE NEO STOCK EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NOTICE

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SOURCE DeFi Technologies, Inc.

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