News
Pudgy Penguins Parent Company Raises $11M to Build Consumer Blockchain
The new chain, called Abstract, will leverage zero-knowledge technology and EigenDA.
Igloo, Inc., the company behind Pudgy Penguins, has raised $11 million in funding, led by Founders Fund, with participation from Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital. The funding will go toward the creation of Cube Labs, a new entity within Igloo focused on developing blockchain technology.
Cube Labs will focus its efforts on Abstract, a blockchain designed to facilitate cryptocurrency adoption for consumer applications. Abstract is in the preparatory stages of launching a testnet and is supported by the non-profit Abstract Foundation.
“Abstract will open up a new world of possibilities for crypto-native developers and global brands, in turn creating the dominant platform for cryptocurrency consumers,” said Michael Lee, co-inventor of Abstract and CEO of Cube Labs.
Abstract plans to leverage the organic growth strategy previously used by Pudgy Penguins to reduce user acquisition costs and attract a mainstream audience to on-chain experiences.
“Our vision is to change the dynamic of how users interact with blockchain technology and seamlessly unite both the real and digital worlds. We are excited to lead the consumer cryptocurrency revolution,” said Luca Netz, CEO of Igloo, Inc.
Using ZK (zero-knowledge) cryptography, Abstract promises fast, cheap and secure transactions. The chain will use EigenDA for data availability.
Cube Labs’ mission with Abstract is to improve the user experience for cryptographic applications, making it simpler and more accessible to the general public.
Pudgy Penguins is one of the very few NFT collections to not only survive, but thrive during the bear market. Its minimum price is 10.7 ETH ($37,000), making it the second most valuable collection after CryptoPunks.