Pudgy Penguins’ parent company, Igloo, Inc., raised $11 million to support development of its own blockchain called Abstract

Igloo, Inc., the parent company of the NFT collection Pudgy Penguins, has successfully raised over $11 million in a funding round on July 23, 2024.

This round was led by Founders Fund, with Peter Thiel being a significant contributor. The funding also saw participation from other investors such as Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital.

The capital will be used to support the development of Abstract, a new consumer-focused blockchain that aims to facilitate the mass adoption of cryptocurrency.

Igloo set up a new company called Cube Labs to develop Abstract blockchain. It will spearhead blockchain research and technology development for Abstract.

Abstract built using Matter Labs' ZK Stack and EigenLayer's data availability layer. Matter Labs is the developer behind zkSync and zkSync Era.

Abstract is currently gearing up for its testnet phase and is designed to be user-friendly, targeting not just crypto enthusiasts but also aiming to onboard billions of people onto the blockchain for the first time.

Abstract intends to utilize advanced ZK (zero-knowledge) cryptography to ensure transactions are low-cost, fast, and secure for both users and developers.

The Abstract Foundation is set to provide support to builders and brands to ensure a smooth transition onto the platform.

 
Further more,  last month, Igloo acquired Frame, an Ethereum-based rollup to help develop Abstract.

Frame is an Ethereum L2 designed to scale NFT adoption and an on-chain creator platform.

The Frame team joins Igloo in developing Abstract Chain, a layer-2 network designed for consumer crypto experiences.

This $11 million strategic investment is expected to significantly accelerate the development of Abstract.