Igloo, Inc., the parent company of the popular NFT brand Pudgy Penguins, has recently closed an impressive $11 million in funding to support the development of its new Ethereum layer-2 scaling network, known as ‘Abstract’. This significant investment marks a major milestone in the company’s journey towards blockchain innovation.
The funding round was led by Founders Fund, with other notable investors including Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital. These strategic partnerships will enable Igloo to establish Cube Labs, a new venture dedicated to advancing blockchain research and technology development under its umbrella. Cube Labs will play a crucial role in launching the testnet for Abstract.
Abstract aims to drive the mass adoption of cryptocurrencies by creating a consumer-centric blockchain platform. The layer-2 network is designed to simplify the process of building decentralized applications, making it easier, more cost-effective, and secure through the use of zero-knowledge cryptography. This technology allows for fast, low-cost, and secure transactions, enhancing user experience and developer efficiency.
Abstract will also integrate ZK Stack and EigenLayer’s EigenDA to further enhance its decentralized finance ecosystem. With a focus on bringing about the next generation of consumer-facing crypto products, Igloo is poised to revolutionize digital ownership and integration into everyday life. The CTO of Cube Labs, Cygaar, emphasizes the importance of collaboration with other platforms and stakeholders to improve the mainstream adoption of crypto technologies.
Pudgy Penguins, originally born during the 2021 NFT boom, experienced a resurgence following Igloo’s acquisition in 2022. Under the Igloo umbrella, Pudgy Penguins evolved from a project into a recognizable consumer brand, even landing partnerships with major retailers like Walmart and Target. The brand’s Ethereum profile picture (PFP) is now valued higher than other well-known NFT collections, such as the Bored Ape Yacht Club.
Abstract has the potential to lead the consumer crypto revolution with Igloo’s innovative approach and substantial financial backing. By fostering a culture of community and creativity on-chain, Abstract aims to drive mass adoption and empower users to explore new possibilities within the crypto ecosystem. With the guidance of seasoned journalist Jason Newey, the future looks bright for Igloo and its groundbreaking projects in the blockchain space.
