Igloo, Inc., the company known for its popular non-fungible tokens (NFTs) called Pudgy Penguins, has secured $11 million in funding to advance its latest blockchain initiative.
The fundraising round was spearheaded by Peter Thiel’s Founders Fund.
The funds will be used to establish Cube Labs, a new venture aimed at developing Abstract, a consumer-friendly Layer 2 (L2) platform on the Ethereum blockchain.
The abstract is designed to make cryptocurrencies more accessible to everyday users by integrating digital ownership into daily activities like work, socializing, and play.
Cube Labs is focused on creating a user-centric experience and plans to launch Abstract in a test phase soon.
This platform aims to attract both crypto developers and major global brands by offering innovative opportunities in the crypto space.
Abstract will utilize zero-knowledge (ZK) proof technology to ensure secure, fast, and cost-effective transactions. Additionally, it will incorporate ZK Stack and EigenLayer’s data availability solution, EigenDA, to enhance its decentralized finance (DeFi) ecosystem.
Cube Labs’ Chief Technology Officer, Cube Cygaar, emphasized the importance of collaboration with other platforms to improve user experience and drive the development of consumer crypto applications.
Igloo’s Pudgy Penguins NFTs have achieved significant success since a new team took over from the original creators. The brand has expanded into physical products, including toys available at major retailers like Walmart and Target.
The funding round also saw participation from Fenbushi Capital, Everest Ventures Group, 1kx, and Selini Capital, reflecting strong interest and confidence in Igloo’s vision for the future of blockchain technology.
