Igloo, Inc., the company behind Pudgy Penguins NFTs, raised $11 million to develop a new Ethereum-based Layer 2 project. Led by Peter Thiel’s Founders Fund, the funding will support Cube Labs in creating Abstract, a consumer-focused blockchain platform.
Abstract aims to integrate digital ownership into daily activities like work and play, targeting mass adoption of cryptocurrencies. The project will leverage zero-knowledge proof technology for fast and low-cost transactions, enhancing user experience.
Igloo’s Pudgy Penguins have achieved significant milestones, including branded toys at major retailers. The funding round also saw investment from Fenbushi Capital and others.
Cube Labs’ CTO emphasizes the importance of collaboration to improve the user experience, aiming to drive the next wave of consumer crypto applications.
