Igloo, Inc., the company known for the popular NFT brand Pudgy Penguins, has successfully raised over $11 million in funding to support the development of its new Ethereum layer-2 scaling network known as ‘Abstract.’ This significant investment, led by Founders Fund, with participation from Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital, marks a major milestone in Igloo’s blockchain innovation journey.
The funds raised will enable the establishment of Cube Labs, a new venture under the Igloo umbrella dedicated to driving blockchain research and technology development. Cube Labs is tasked with developing and launching the testnet for Abstract, an ambitious project aimed at driving mass adoption of cryptocurrencies by creating a consumer-centric blockchain platform.
Abstract’s Vision for Decentralized Applications
Abstract’s goal is to make building decentralized applications easy, affordable, and secure through the use of zero-knowledge cryptography. By integrating Zero-Knowledge (ZK) proof technology, Abstract aims to facilitate fast, low-cost, and secure transactions, enhancing user experience and developer efficiency. The platform will also incorporate ZK Stack and EigenLayer’s EigenDA to strengthen its decentralized finance ecosystem.
Pudgy Penguins: From NFT to Consumer Brand
Pudgy Penguins, which gained popularity during the 2021 NFT bull run, has experienced a resurgence following Igloo’s acquisition in 2022. Under the Igloo umbrella, Pudgy Penguins has evolved from a project IP to a consumer brand, expanding its reach to major retailers like Walmart and Target. The brand has experienced a significant increase in value, with its Ethereum profile picture (PFP) now surpassing esteemed NFT collections like the Bored Ape Yacht Club.
With a focus on fostering culture, community, and creativity on-chain, Abstract has the potential to lead the consumer crypto revolution. Through Igloo’s innovative approach and strong financial backing, Abstract aims to drive mass adoption of crypto technologies, empowering users to explore new possibilities within the crypto ecosystem. The collaboration with other platforms and stakeholders is crucial in providing a seamless user experience and encouraging mainstream adoption of blockchain technology.
Igloo’s development of the Abstract layer-2 scaling network represents a significant step forward in the blockchain innovation landscape. With Cube Labs at the helm of research and development, Abstract is poised to revolutionize the way decentralized applications are built and utilized. As the crypto industry continues to evolve, Abstract stands out as a pioneering force driving mass adoption and reshaping the future of consumer-facing crypto products.
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