Strategic funding will accelerate the
development of Abstract, a blockchain designed to power consumer
apps
MIAMI, July 23,
2024 /PRNewswire/ -- Igloo, Inc. ("Igloo"), Pudgy
Penguins' parent company, today announced the closing of over
$11 million in funding led
by Founders Fund with additional investments from Fenbushi
Capital, 1kx, Everest Ventures Group, and Selini Capital.
Igloo will use the strategic financing to establish Cube Labs, a
new venture under the Igloo banner, to lead blockchain research and
technology development. Cube Labs will oversee and contribute to
the development of Abstract, a new consumer-focused blockchain
designed to drive the mass adoption of crypto.
Incubated under the not-for-profit Abstract Foundation, Abstract –
soon to be in testnet – is built to lead the consumer
crypto revolution by bringing billions of people
onchain for the first time.
"Abstract will open up a new world of possibilities for
crypto-native developers and global brands – in turn
creating the dominant crypto consumer platform," said
Michael Lee, Abstract co-inventor
and CEO of Cube Labs, a veteran technology and web3 executive
who previously led growth for ZKsync and launched games to
Activision Blizzard's 400+ million players. "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."
"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. They're leveraging this to grow Abstract, a consumer L2
focused on making onchain experiences mainstream. By building for
users first, and allowing companies and brands to better interface
with their consumers, Abstract is well-positioned to onboard the
masses to crypto," said Joey Krug, Partner at Founders Fund.
"Abstract is built for everyone — not just cryptonatives — and
we're extremely happy to be supporting them on this journey."
Co-invented by notable blockchain entrepreneurs Michael Lee, Luca
Netz, and Lorenzo Melendez,
Abstract is engineered by notable web3 developers Cygaar, 0xbeans,
and stinkypablo.
To fulfill the mission of building the biggest onchain community
and catalyzing the widespread adoption of web3, Abstract's
technology is designed to make the process of developing
decentralized apps easier, cheaper, and safer.
By leveraging cutting-edge ZK (zero-knowledge) cryptography, the
open-source technology provides low-cost, fast, and secure
transactions for users and builders alike. The user-centric
platform's use of ZK Stack and EigenDA streamlines the development
process, and the Abstract Foundation provides dedicated builder and
brand support to ensure a smooth onboarding.
"Our mission is to build infrastructure to power the next wave
of consumer crypto applications," said Cygaar, CTO
at Cube Labs. "This requires collaborating on technology that
makes crypto UX simpler, building a platform for mass
distribution, and working closely with teams looking to build the
next generation of consumer-facing experiences. By doing so, we
have the potential to truly onboard retail users to
crypto for the first time."
With its innovative approach and strong financial backing,
Abstract is set to lead the consumer crypto
revolution. The platform's focus on fostering culture, community,
and creativity onchain will not only drive mass adoption, but also
empower users to explore new possibilities within the
crypto ecosystem.
"My work has always centered around creating a web3 ecosystem
that enables new ways for brands to interact directly with their
consumer base," said Abstract co-inventor Luca Netz, who serves as CEO of the wildly
successful NFT brand Pudgy Penguins and Igloo, Inc. "Our
vision is to change the dynamic of how users interact with
blockchain technology and easily merge both the real and digital
worlds. We are excited to drive the consumer crypto
revolution forward."
For more information, please visit abs.xyz
About Igloo, Inc.
Igloo, Inc. is a collection of
companies, the largest of which is Pudgy Penguins. Founded in 2024,
the company is headquartered in Miami,
Florida. Millions of people use its wide range of popular
crypto-native products and platforms each day, from
Pudgy Penguins®, Pudgy World™, OverpassIP™, and more. To learn more
about Igloo, visit igloo.inc.
About Abstract
Abstract is a consumer-focused
blockchain powered by cutting-edge ZK cryptography for consumer
crypto, pioneering culture, community, and creativity
onchain. Its mission is to build the world's biggest onchain
community, driven by the culture economy, leveraging ZK Stack and
EigenDA to provide cheap, fast, and secure transactions. Abstract
was invented by individuals who launched and scaled Pudgy Penguins,
Ethereum, and Kubernetes. To learn more about
Abstract, visit abs.xyz
Media Contact
Sunshine Sachs
Morgan & Lylis (on behalf of Igloo, Inc.)
abstract@ssmandl.com
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SOURCE Igloo, Inc.