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Igloo, Inc., the company behind the Pudgy Penguins non-fungible token, has announced that it has raised $11 million in funding to build its latest blockchain project.
Peter Thiel's Founders Fund led the fundraising round, which Igloo said was… fund a new ethereum (eth) based Consumer layer 2 solution to drive cryptocurrency adoption.
Igloo bets on a consumer-centric blockchain
Tuesday’s press release highlighted that Igloo will use the funds to support a new venture called Cube Labs. Igloo seeks to use Cube Labs to research and develop Abstract, a new L2 platform aimed at mass cryptocurrency adoption.
According to Igloo, Abstract is seeking new opportunities for cryptocurrency developers and major brands around the world. The consumer-oriented platform aims to leverage digital ownership technology and integrate everyday life activities such as work, social interaction and leisure.
Cube Labs is taking a user-first approach when developing Abstract and will soon deploy it to the testnet before supporting the next wave of consumer crypto products and user on-chain experience.
Powered by zero knowledge
Abstract will leverage zero-knowledge (ZK) proof technology to power its functionality and usability. In addition to security, users will benefit from fast, low-cost transactions powered by ZK.
The platform will also integrate ZK Stack and utilize EigenLayer’s data availability layer, EigenDA, to enhance its decentralized finance ecosystem.
“Our mission is to build infrastructure to power the next wave of consumer crypto applications,” said Cube Cygaar, CTO of Cube Labs, in the Press release.
Cube Labs’ CTO noted that collaborating with platforms and other stakeholders who want cryptocurrency users to enjoy a better user experience is therefore crucial to the development of Abstract.
Igloo’s flagship nft product, Pudgy Penguins, has seen huge success since the new team took over from its original creators. Its branded approach has allowed it to achieve milestones such as the launch of Pudgy Penguins-branded toys that have since been sold at Walmart and Target.
The fundraise also attracted investments from Fenbushi Capital, Everest Ventures Group, 1kx and Selini Capital.