Igloo, Inc., the corporate behind the non-fungible token Pudgy Penguins, has introduced it raised $11 million in funding to construct its newest blockchain challenge.
Peter Thiel’s Founders Fund led the fundraising spherical, which Igloo says will fund a brand new Ethereum (ETH) based mostly client Layer 2 resolution to bolster crypto adoption.
Igloo eyes consumer-focused blockchain
The press launch on Tuesday highlighted that Igloo will use the funds to assist a brand new enterprise dubbed Dice Labs. Igloo seeks to make use of Dice Labs to analysis and develop Summary, a brand new L2 platform focused for mass adoption of cryptocurrencies.
In keeping with Igloo, Summary targets new alternatives for crypto builders and main manufacturers worldwide. The patron-facing platform goals to faucet into digital possession know-how and combine on a regular basis life actions equivalent to work, social interplay, and play.
Dice Labs is taking the user-first method in constructing Summary and can quickly deploy in testnet forward of supporting the subsequent wave of client crypto merchandise and customers’ onchain expertise.
Zero-knowledge powered
Summary will leverage zero-knowledge (ZK) proof know-how to energy its performance and use. Along with safety, customers will profit from ZK-powered quick and low-cost transactions.
The platform can even combine ZK Stack and use EigenLayer’s information availability layer, EigenDA, to reinforce its decentralized finance ecosystem.
“Our mission is to construct infrastructure to energy the subsequent wave of client crypto functions,” Dice Cygaar, chief know-how officer at Dice Labs, mentioned within the information launch.
The Dice Labs CTO famous that collaborating with platforms and different stakeholders who wish to see crypto customers get pleasure from higher UX is, due to this fact, essential to Summary’s growth.
Igloo’s flagship NFT product, the Pudgy Penguins, has seen enormous success because the new group took over from its authentic creators. Its model focus has seen it obtain milestones such because the launch of Pudgy Penguins-branded toys which have since launched throughout Walmart and Goal.
The fundraiser additionally attracted funding from Fenbushi Capital, Everest Ventures Group, 1kx, and Selini Capital.
