Igloo, Inc., the company known for the popular NFT brand Pudgy Penguins, has recently secured over $11 million in funding to support the development of its new Ethereum layer-2 scaling network named ‘Abstract’. This significant investment milestone marks a major step forward in the company’s journey towards blockchain innovation.
The funding round was led by Founders Fund, with other key investors including Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital. This strategic investment will enable the establishment of Cube Labs, a new venture focused on driving blockchain research and technology development within the Igloo ecosystem.
Abstract: Driving Mass Adoption of Cryptocurrencies
Abstract aims to revolutionize the adoption of cryptocurrencies by providing a user-friendly blockchain platform. By leveraging zero-knowledge cryptography, Abstract offers a secure, cost-effective, and easy-to-use solution for building decentralized applications. The integration of ZK Stack and EigenLayer’s EigenDA further strengthens Abstract’s decentralized finance ecosystem.
The Future of Consumer-Facing Crypto Products
With a focus on consumer needs and experiences, Abstract is well-positioned to lead the next generation of consumer-facing crypto products. By enabling digital ownership and seamless integration into everyday life, Abstract aims to make crypto more accessible and user-friendly for mainstream audiences.
Pudgy Penguins, originally launched during the 2021 NFT bull run, has evolved into a successful consumer brand under the Igloo umbrella. With partnerships with major retailers like Walmart and Target, Pudgy Penguins has become a household name in the NFT space. The brand’s Ethereum profile picture (PFP) is now highly valued, surpassing even well-known projects like Bored Ape Yacht Club.
Championing Mass Adoption and Innovation
Through initiatives like Abstract and Pudgy Penguins, Igloo is driving innovation and fostering mass adoption of cryptocurrencies. By creating a culture of creativity and community engagement on-chain, Igloo is paving the way for new possibilities within the crypto ecosystem.
Igloo’s recent funding success and focus on user-centric blockchain solutions position the company as a key player in the evolving landscape of crypto technology. With Abstract at the forefront of innovation, Igloo is set to revolutionize the way consumers interact with blockchain technology.
Leave a Reply