Igloo, Inc. has recently secured a substantial $11 million in funding to support the development of its groundbreaking Ethereum layer-2 scaling network, known as ‘Abstract’. This marks a significant milestone in the company’s journey towards blockchain innovation and mass adoption of cryptocurrencies.
The funding round was led by Founders Fund, with key investment partners including Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital. This strategic investment will pave the way for the establishment of Cube Labs, a new venture under the Igloo banner dedicated to driving blockchain research and technology development.
Abstract aims to revolutionize the crypto industry by providing a consumer-centric blockchain platform that is easy to use, cost-effective, and secure. Utilizing zero-knowledge cryptography, Abstract enables fast and secure transactions, thus enhancing user experience and developer efficiency. By integrating ZK Stack and EigenLayer’s EigenDA, Abstract is poised to expand its decentralized finance ecosystem.
With a focus on consumer-friendly crypto products and on-chain experiences, Igloo’s CTO of Cube Labs stressed the importance of collaboration with other platforms and stakeholders to enhance mainstream adoption of crypto technologies. Pudgy Penguins, a popular NFT brand under Igloo, has already seen significant success post-acquisition, transforming into a consumer brand featured in major retailers like Walmart and Target.
With a strong financial backing and a commitment to fostering culture, community, and creativity on-chain, Abstract has the potential to lead the consumer crypto revolution. By integrating innovative technologies and prioritizing user experience, Abstract aims to make digital ownership and integration into everyday life more accessible and seamless for all users.
Igloo’s vision for the future of crypto with Abstract represents a significant step forward in driving mass adoption and revolutionizing the blockchain industry. With a focus on innovation, collaboration, and user-centric design, Abstract is poised to bring about the next generation of consumer-facing crypto products and experiences.
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