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Igloo, Inc., a company well-known for creating Pudgy Penguins, a non-fungible token (NFT), has raised $11 million to support the development of its newest blockchain project. Igloo’s grand ambitions to increase cryptocurrency acceptance through a new consumer Layer 2 solution based on Ethereum are expected to be supported by this funding round, which was spearheaded by Peter Thiel’s Founders Fund.
In a recent press release, Igloo announced that the funds will be channeled into a new initiative called Cube Labs. The focus of Cube Labs is to research and develop Abstract, an innovative L2 platform designed for widespread cryptocurrency adoption. Igloo aims to create a consumer-centric blockchain that opens up new possibilities for crypto developers and major brands globally. Abstract is set to integrate digital ownership technology into daily activities such as work, social interaction, and entertainment.
Cube Labs plans to deploy Abstract in a testnet soon, setting the stage for the next wave of consumer crypto products and enhancing users’ onchain experiences. By prioritizing user experience, Cube Labs aims to drive the mass adoption of cryptocurrencies.
Abstract will utilize zero-knowledge (ZK) proof technology, ensuring security while providing fast and low-cost transactions. Additionally, the platform will incorporate ZK Stack and EigenLayer’s data availability layer, EigenDA, to strengthen its decentralized finance ecosystem.
“Our mission is to build infrastructure to power the next wave of consumer crypto applications,” said Cube Cygaar, Chief Technology Officer at Cube Labs. He emphasized the importance of collaborating with other platforms and stakeholders to enhance the user experience in the crypto space.
Igloo’s flagship NFT product, Pudgy Penguins, has achieved significant success since the new team took over from its original creators. The brand has expanded its reach by launching Pudgy Penguins-branded toys, now available at major retailers like Walmart and Target.
The fundraising round also saw participation from Fenbushi Capital, Everest Ventures Group, 1kx, and Selini Capital, highlighting strong investor confidence in Igloo’s vision and projects.
Igloo’s strategic move to develop a consumer-focused blockchain platform reflects its commitment to advancing the crypto industry. With Abstract, Igloo aims to create a seamless and engaging user experience, fostering greater adoption of digital currencies.