Igloo, Inc., the company known for the popular non-fungible token Pudgy Penguins, recently announced that it has secured $11 million in funding for its latest blockchain project. This funding round was led by Peter Thiel’s Founders Fund and will be used to develop a new Ethereum-based consumer Layer 2 solution aimed at increasing crypto adoption.
The company’s new venture, Cube Labs, will focus on researching and developing Abstract, a new L2 platform designed to facilitate the mass adoption of cryptocurrencies. Abstract aims to provide new opportunities for crypto developers and major brands around the world. The platform will integrate digital ownership technology into everyday activities such as work, social interactions, and play.
Cube Labs is prioritizing a user-first approach in building Abstract, with plans to launch a testnet soon. The platform will leverage zero-knowledge proof technology for enhanced security and efficiency in transactions. Additionally, Abstract will incorporate ZK Stack and EigenLayer’s data availability layer, EigenDA, to strengthen its decentralized finance ecosystem.
Cube Cygaar, the chief technology officer at Cube Labs, emphasized that their goal is to create infrastructure that will support the next generation of consumer crypto applications. Collaboration with other platforms and stakeholders who share the vision of improving the user experience in the crypto space is crucial for the development of Abstract.
In addition to the funding from Peter Thiel’s Founders Fund, other investors such as Fenbushi Capital, Everest Ventures Group, 1kx, and Selini Capital have also contributed to the fundraiser. Igloo’s flagship NFT product, Pudgy Penguins, has been a major success under the new team’s leadership. The brand has expanded its reach by launching Pudgy Penguins-branded toys in major retail stores like Walmart and Target.
The development of Abstract and the continued success of Pudgy Penguins demonstrate Igloo’s commitment to innovation and growth in the blockchain and crypto space. With the support of key investors and a focus on user experience, Igloo is well-positioned to make a significant impact on the future of consumer crypto applications.