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Igloo Inc. Raises $11 Million Led by Founders Fund to Develop New Ethereum Layer 2 Blockchain

Jul 23, 2024, 03:48 PM

Igloo Inc., the parent company behind the Pudgy Penguins NFT collection, has successfully raised over $11 million in a funding round led by Peter Thiel's Founders Fund. The funds will be used to establish Cube Labs, which will oversee the development of Abstract, a new Ethereum Layer 2 blockchain designed to drive mass adoption of consumer crypto applications. Other notable investors in the round include Fenbushi, 1kx Network, EVG Ventures, and Selini Capital. The Abstract blockchain aims to bring the next generation of crypto users on-chain, enhancing liquidity and community engagement. This initiative is seen as a significant step towards the consumer crypto revolution.