The Boba Governance Fund has just received a commitment of $70 million from two major financial institutions, along with an agreement to transfer Tokens to promote the development and expansion of the Boba ecosystem.
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The Boba Governance Fund received an investment of $70 million from Awaken Foundation and LDA Capital.
Agreement to transfer all BOBA Tokens from the FTX Recovery Trust to the Boba Governance Fund.
The FTX Recovery Trust has the right to repurchase a maximum of 29.4 million BOBA Tokens within 18 months at $0.09 per Token.
How does the Boba Governance Foundation receive funding?
The Boba Governance Foundation has signed a contract with Awaken Foundation and LDA Capital to receive a $70 million funding commitment to support the long-term development of the Boba network.
This information was confirmed in early July 2024, according to a report from the analysis unit Chainwire. The funding aims to promote the Boba ecosystem itself, enhancing scalability and practical application of this Layer 2 platform.
"This investment represents a strong belief in the future of Boba, helping to accelerate technology development and expand the community."
Executive Director of the Boba Governance Foundation, 07/2024
What does the agreement between the Boba Governance Fund and the FTX Recovery Trust include?
The Boba Governance Foundation has received all BOBA Tokens held by the FTX Recovery Trust, while signing an agreement on the future repurchase of Tokens.
According to the agreement, the FTX Recovery Trust has the right to purchase a maximum of approximately 29.4 million BOBA Tokens within the next 18 months, at a fixed price of $0.09 per Token. This is a step to ensure liquidity and stability for stakeholders.
What are the benefits and impacts of this agreement?
The transfer of Tokens and the repurchase rights support balancing the supply of BOBA in the market, minimizing unnecessary price volatility. At the same time, the agreement creates close coordination between the investor and the development team to optimize ecosystem growth.
"Establishing a transparent and responsible relationship with investment funds is a key factor in promoting the sustainability of the network."
Cryptocurrency finance expert, Asia Blockchain Conference, 2024
Comparing financial benefits in the agreement between the parties
Stakeholders Action Number of BOBA Tokens Purchase Price Duration Awaken Foundation and LDA Capital Investment commitment — $70 million No specific limit FTX Recovery Trust Transfer BOBA Tokens, right to repurchase Tokens All Tokens transferred + right to purchase 29.4 million Tokens $0.09 per Token 18 months from signing Boba Governance Foundation Receive funding, receive Tokens, sell Tokens to FTX All Tokens FTX holds + sell up to 29.4 million Tokens — —
Frequently Asked Questions
What is the Boba Governance Foundation?
This is the organization responsible for managing and developing the Boba ecosystem, ensuring the stability and growth of the Layer 2 platform.
How will the $70 million investment be used?
The funding focuses on expanding the Boba ecosystem, building new features, and developing the user community.
What role do BOBA Tokens play in the system?
BOBA Tokens are used for transactions, governance, and gas fees on the platform, helping to maintain network operations.
Who is the FTX Recovery Trust and why is there a BOBA Token?
The FTX Recovery Trust manages assets from the recovery process of the FTX exchange and previously held BOBA Tokens that this fund invested in.
What does the buyback of BOBA Tokens mean?
This is a measure to help balance the supply of Tokens in the market, reducing the risk of strong price fluctuations.
Source: https://tintucbitcoin.com/boba-nhan-70-trieu-usd-dau-tu/
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