Igloo, Inc., the company known for its popular NFT brand Pudgy Penguins, has recently secured a substantial $11 million in funding to support the development of its Ethereum layer-2 scaling network named ‘Abstract’. The investment is a major step forward for Igloo in its journey towards blockchain innovation. Founders Fund, along with other notable investors such as Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital, are the key players in this round of funding.
With the infusion of funds, Igloo is establishing Cube Labs, a new venture focused on blockchain research and technology development under the Igloo umbrella. Cube Labs will be responsible for creating and launching the testnet for Abstract, which aims to drive the mass adoption of cryptocurrencies by offering a consumer-centric blockchain platform. Abstract’s goal is to simplify the process of building decentralized applications, making it cost-effective and secure through the use of zero-knowledge cryptography.
Abstract will leverage zero-knowledge (ZK) proof technology to enable fast, low-cost, and secure transactions, enhancing user experience and developer efficiency. The integration of ZK Stack and EigenLayer’s EigenDA will further strengthen Abstract’s decentralized finance ecosystem. This innovative approach positions Igloo to introduce a new wave of consumer-facing crypto products and on-chain experiences, simplifying digital ownership and integration into everyday life.
Pudgy Penguins, initially launched during the 2021 NFT boom, experienced a resurgence following Igloo’s acquisition in 2022. Under Igloo’s leadership, Pudgy Penguins transitioned from a project IP to a recognizable consumer brand, expanding its reach to major retailers like Walmart and Target. The brand’s value has skyrocketed, with its Ethereum profile picture (PFP) now commanding a higher price than renowned projects like Bored Ape Yacht Club.
As Igloo sets its sights on revolutionizing consumer crypto experiences, Abstract has the potential to drive mass adoption by fostering a culture of innovation, community engagement, and creative exploration on-chain. By prioritizing user experience and collaboration with other platforms, Igloo aims to make cryptocurrency technologies more accessible and appealing to mainstream users. With its visionary approach and strong financial backing, Abstract could pave the way for a new era of consumer-driven blockchain innovation.
Igloo’s strategic investments in Abstract and Cube Labs underscore its commitment to redefining the crypto landscape and shaping the future of decentralized technologies. As the company continues to push boundaries and explore new possibilities within the crypto ecosystem, its impact on consumer adoption and blockchain innovation is poised to be significant.