Igloo, Inc., the company behind the non-fungible token Pudgy Penguins, announced that it has raised $11 million in funding to build its latest blockchain project.
Peter Thiel Founders Fund led the fundraising round, which Igloo says will include: Funding a new currency based on Ethereum (ETH) Consumer Layer 2 solutions to drive encryption adoption.
Igloo Looks to Consumer-Focused Blockchain Technology
Tuesday’s press release highlighted that Igloo will use the funds to support a new venture called Cube Labs. Igloo is looking to use Cube Labs to research and develop Abstract, a new L2 platform aimed at mass adoption of cryptocurrencies.
According to Igloo, Abstract is targeting new opportunities for crypto developers and major brands around the world. The consumer-facing platform aims to leverage digital proprietary technology and integrate everyday life activities such as work, social interaction, and play.
Cube Labs is taking a user-first approach to building Abstract and will soon be deployed to a testnet before supporting the next wave of consumer crypto products and on-chain user experiences.
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The summary will leverage Zero-Knowledge (ZK) Proof-of-Knowledge (ZK) technology to enhance its functionality and usability. In addition to security, users will benefit from fast and low-cost transactions powered by ZK.
The platform will also integrate ZK Stack and use EigenLayer’s data provisioning layer, EigenDA, to enhance its decentralized finance ecosystem.
Cube Cygaar, CTO of Cube Labs, said, New release.
The CTO of Cube Labs noted that collaborating with other platforms and stakeholders who want to see crypto users enjoy a better user experience is crucial to Abstract’s development.
Igloo’s flagship NFT product, Pudgy Penguins, has seen tremendous success since the new team took over from the original creators. Their focus on branding has led to notable milestones such as the launch of Pudgy Penguins-branded toys that have since been released at Walmart and Target.
The fundraising campaign also attracted investments from Fenbushi Capital, Everest Ventures Group, 1kx, and Selini Capital.
