Pudgy Penguins Firm Raises $11 Million for Ethereum Layer-2 Push
Igloo, Inc, the mother or father firm of common NFT model Pudgy Penguins, has raised over $11 million in funding to develop a brand new Ethereum layer-2 scaling community referred to as Summary, the corporate introduced Tuesday.
The funding spherical was led by Founders Fund, with further investments from Fenbushi Capital, 1kx, Everest Ventures Group, and Selini Capital.
Igloo will use the funds to ascertain Dice Labs, a brand new enterprise that may oversee the event of Summary, an Ethereum layer-2 community. In June, Igloo introduced the acquisition of Body, an NFT-centric layer-2 community, with plans to have that staff contribute to Summary.
“Whereas constructing Pudgy Penguins, we have come to the unlucky fact that present L2s will not be constructed for the patron crypto revolution,” Igloo Inc. CEO Luca Netz tweeted final month. “This acquisition permits us to handle these challenges head-on and create an ecosystem that helps and enhances the patron crypto expertise.”
Teaser art work for Summary. Picture: Igloo/Dice Labs
Igloo Inc. says that Summary, which is able to quickly launch its testnet, is designed to make constructing decentralized apps (dapps) simpler, cheaper, and safer utilizing zero-knowledge cryptography.
“Our imaginative and prescient is to vary the dynamic of how customers work together with blockchain expertise and simply merge each the actual and digital worlds,” mentioned Netz, in a launch.
Pudgy Penguins was launched within the coronary heart of the 2021 NFT bull run, however the authentic staff misplaced group help within the months that adopted.
Netz and staff acquired the mission IP in 2022 and rebuilt it right into a shopper model, together with with toys that launched final 12 months and have expanded into retailers like Walmart and Goal. Now, Pudgy Penguins is among the most beneficial NFT tasks round, with its authentic Ethereum profile footage (PFPs) beginning at a value greater than the Bored Ape Yacht Membership.
Editor’s notice: This text was written with the help of AI. Edited and fact-checked by Andrew Hayward.
