- The non-fungible coin Pudgy Penguins’ creator, Igloo, Inc., has revealed that it has raised $11 million to develop its most recent blockchain project.
Leading the investment round was Peter Thiel’s Founders Fund, which Igloo claims will support a new consumer Layer 2 Ethereum (ETH) solution to increase the uptake of cryptocurrencies.
Igloo looks into blockchain with a customer perspective
Igloo stated in a press release on Tuesday that it will utilize the funds to create a brand-new initiative named Cube Labs. Igloo wants to study and create Abstract, a new L2 platform intended for widespread cryptocurrency acceptance, using Cube Labs.
Igloo claims that Abstract aims to open up new doors for prominent global companies and cryptocurrency innovators. Incorporating work, social engagement, and play with digital ownership technology is the goal of this consumer-facing platform.
With the customer in mind, Cube Labs is creating Abstract, which will soon go live on the testnet to support the next wave of consumer cryptocurrency goods as well as the onchain experience of users.
Zero-knowledge technology
Zero-knowledge (ZK) proof technology will be used by Abstract to fuel its use and functionality. In addition to security, ZK-powered transactions will be quick and affordable for users.
The platform intends to augment its decentralized finance ecosystem by including ZK Stack and utilizing EigenDA, EigenLayer’s data availability layer.
According to Cube Cygaar, chief technology officer of Cube Labs, “our mission is to build infrastructure to power the next wave of consumer crypto applications.” This was stated in the news release.
Therefore, working with platforms and other stakeholders that wish to see better user experience for cryptocurrency users is essential to Abstract’s development, according to the CTO of Cube Labs.
Since the new team took over from its original designers, Igloo’s main NFT product, the Pudgy Penguins, has found tremendous success. With a strong emphasis on its brand, it has accomplished notable milestones including introducing toys with the Pudgy Penguins name, which have now been sold at Target and Walmart.
Additionally, Fenbushi Capital, Everest Ventures Group, 1kx, and Selini Capital made investments in the campaign.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
