Igloo, Inc., the company behind the popular NFT brand Pudgy Penguins, recently announced the successful closure of over $11 million in funding. Founders Fund led the investment round, with other notable parties like Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital also participating. This funding will play a crucial role in the development of Igloo’s new Ethereum layer-2 scaling network called ‘Abstract’.
Abstract is set to revolutionize the world of cryptocurrencies by offering a consumer-centric blockchain platform. The primary goal of this new layer-2 network is to simplify the process of building decentralized applications, making it more affordable and secure through the use of zero-knowledge cryptography. By leveraging Zero-Knowledge (ZK) proof technology, Abstract aims to facilitate fast, low-cost, and secure transactions, ultimately enhancing the overall user experience and developer efficiency.
As part of the Igloo ecosystem, Cube Labs has been established to spearhead blockchain research and technology development. Cube Labs is currently working on developing the testnet for Abstract, which is a critical step in bringing this innovative project to life. The CTO of Cube Labs, Cygaar, underlined the importance of collaborating with other platforms and stakeholders to enhance the mainstream adoption of crypto technologies.
Pudgy Penguins, initially introduced during the 2021 NFT bull run, has seen a significant resurgence following Igloo’s acquisition in 2022. The brand has evolved from a project IP into a consumer brand, expanding its reach to major retailers such as Walmart and Target. With its Ethereum profile picture (PFP) now exceeding the value of other popular NFT collections like Bored Ape Yacht Club, Pudgy Penguins is poised for continued success under Igloo’s leadership.
With Abstract’s innovative approach and robust financial backing, Igloo aims to lead the consumer crypto revolution. The platform seeks to foster culture, community, and creativity on-chain, enabling users to explore new opportunities within the crypto ecosystem. Abstract’s integration of ZK Stack and EigenLayer’s EigenDA further strengthens its decentralized finance ecosystem, positioning it as a key player in the industry.
Igloo, Inc.’s groundbreaking initiative with Abstract illustrates the company’s commitment to driving mass adoption of cryptocurrencies and revolutionizing the way we interact with blockchain technology. Through strategic partnerships, cutting-edge technology, and a consumer-centric approach, Igloo is poised to make a significant impact on the future of crypto.
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