Igloo, Inc., the company behind the wildly popular NFT brand Pudgy Penguins, has recently secured a funding round of over $11 million to support the development of its groundbreaking Ethereum layer-2 scaling network known as ‘Abstract’. This infusion of capital marks a significant milestone in Igloo’s journey towards blockchain innovation. Leading the investment charge is Founders Fund, accompanied by other major players such as Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital.
The strategic investment will pave the way for the establishment of Cube Labs, a new venture under the Igloo umbrella dedicated to pushing the boundaries of blockchain research and technology development. Cube Labs is spearheading the development and launch of the testnet for Abstract, a platform designed to revolutionize the mass adoption of cryptocurrencies by offering a consumer-centric blockchain experience.
Abstract sets out to streamline the process of building decentralized applications by leveraging zero-knowledge cryptography to deliver a user-friendly, cost-effective, and secure platform. The integration of Zero-Knowledge (ZK) proof technology, along with ZK Stack and EigenLayer’s EigenDA, will further enhance Abstract’s decentralized finance ecosystem. By prioritizing user experience and developer efficiency, Igloo aims to empower individuals to seamlessly integrate digital ownership and crypto technologies into their everyday lives.
Under the leadership of Cube Labs’ CTO, Cygaar, Igloo is committed to collaborating with various platforms and stakeholders to enhance the mainstream adoption of crypto technologies. The acquisition of Pudgy Penguins, a standout performer in the NFT space, has propelled Igloo into the realm of consumer branding, with the iconic Ethereum profile picture (PFP) now commanding substantial value in the market. Abstract’s potential to spearhead the consumer crypto revolution is backed by Igloo’s innovative strategies and robust financial support, promising a new era of culture, community, and creativity within the crypto ecosystem.
As Abstract paves the way for a more inclusive and user-friendly blockchain experience, it stands poised to redefine the landscape of consumer-facing crypto products. Through a combination of cutting-edge technologies, strategic partnerships, and a forward-thinking approach, Igloo is set to lead the charge towards mass adoption and widespread acceptance of cryptocurrencies. With Abstract at the helm, the future of decentralized innovation looks brighter than ever.
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