Igloo, Inc., the company known for its popular NFT brand Pudgy Penguins, has recently secured a whopping $11 million in funding to propel the development of its groundbreaking Ethereum layer-2 scaling network, Abstract. This significant achievement marks a crucial step forward in Igloo’s quest for blockchain innovation.
The lead investor in this successful funding round is Founders Fund, alongside other major investment players such as Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital. This strategic investment paves the way for the establishment of Cube Labs, a new venture dedicated to driving blockchain research and technology advancements under the Igloo umbrella. Cube Labs is tasked with spearheading the development and launch of Abstract’s testnet.
Abstract aims to revolutionize the mass adoption of cryptocurrencies by providing a consumer-centric blockchain platform. This innovative layer-2 network is designed to simplify the process of building decentralized applications, making it affordable and secure through the implementation of zero-knowledge cryptography. The integration of Zero-Knowledge (ZK) proof technology enables fast, cost-effective, and secure transactions, enhancing user experience and developer productivity. Abstract will also incorporate ZK Stack and EigenLayer’s EigenDA to further enhance its decentralized finance ecosystem.
As the driving force behind the 2021 NFT bull run, Pudgy Penguins experienced a renaissance following Igloo’s acquisition in 2022. Under Igloo’s stewardship, Pudgy Penguins evolved from a mere project IP to a full-fledged consumer brand, expanding its reach to major retailers like Walmart and Target. The brand’s Ethereum profile picture (PFP) has soared in value, surpassing even renowned entities like Bored Ape Yacht Club.
With Abstract at the forefront, Igloo is poised to lead the consumer crypto revolution with its innovative approach and robust financial backing. Abstract aims to drive mass adoption by fostering a culture of community and creativity on-chain, empowering users to explore new horizons within the crypto ecosystem. The CTO of Cube Labs, Cygaar, stresses the importance of collaboration with various platforms and stakeholders to enhance the overall user experience and facilitate mainstream adoption of crypto technologies.
Abstract represents a significant breakthrough in the world of blockchain technology, poised to redefine the landscape of consumer-facing crypto products and on-chain experiences. With Igloo’s visionary leadership and strategic investments, Abstract is well-positioned to steer the crypto industry towards a future of accessibility, innovation, and widespread adoption.