Igloo Inc., the parent company of Pudgy Penguins and OverpassIP, has raised over $11 million in funding to establish Cube Labs, a new venture under the Igloo banner.
Cube Labs will prioritize the development of Abstract, a new consumer-focused blockchain that’s poised to assist with widespread crypto adoption.
The funding round was led by Founders Fund, with additional investments from Everest Ventures Group, Selini Capital, Fenbushi Capital and 1kx.
What is Abstract?
Abstract will be an open-source, Layer-2 zkEVM, designed to make the process of developing decentralized apps easier, cheaper and safer.
The chain will create a host of new possibilities for global brands, facilitating a transparent interface between brands and their consumer base.
“Abstract will open up a new world of possibilities for crypto-native developers and global brands,” said Michael Lee, Abstract co-inventor and CEO of Cube Labs. “We are at the beginning of a new era where blockchain technology will reinvent the idea of digital ownership and seamlessly integrate into our daily lives, enhancing how we live, work, connect, and play.”
What is Igloo Inc.?
Founded in 2024, Igloo Inc. is a collection of brands with a wide range of popular crypto-native products and platforms used by millions of people every day. These companies include OverpassIP, Pudgy World, and its flagship entity, Ethereum-based NFT Collection, Pudgy Penguins.
Igloo Inc. is hoping to leverage the popularity of Pudgy Penguins to draw attention to the Abstract ecosystem. As Joey Krug, partner of Founders Fund stated, “Pudgy Penguins has the best 0-to-1 distribution edge we’ve seen in the crypto space. Instead of paying massive amounts to acquire users, they acquire them organically through the Pudgy brand.”
Luca Netz, CEO of Igloo Inc. declared that he wants to “change the dynamic of how users interact with blockchain technology and easily merge both the real and digital worlds.”
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