Unlocking the Future of Interchain Communication: Polymer Labs has successfully clinched a $23 million investment during its Series A funding round, earmarking the capital for the advancement of a modular layer 2 network designed to bridge the gap between disparate blockchain systems.
Revolutionizing Blockchain Interoperability
In a significant stride toward seamless blockchain interoperability, Polymer Labs has attracted a $23 million investment to bolster the development of its innovative layer 2 solution. The project leverages cutting-edge protocols and technologies, including the Cosmos SDK’s Inter-Blockchain Communication (IBC) protocol, the OP stack’s settlement capabilities, and Eigenlayer’s robust data availability infrastructure.
Leadership with a Vision
At the helm of Polymer Labs are founders Bo Du and Peter Kim, seasoned veterans in the blockchain realm. Their journey began in the summer of 2021 with a mission to create a network that could effortlessly interlink various blockchain platforms, thereby enhancing interoperability across the ecosystem.
A Pivot to Cosmos
Initially, Polymer Labs set out to craft a new interoperability protocol. However, through diligent research and development, the team embraced the Cosmos SDK’s IBC protocol, a decision that redirected the course of their project. The IBC protocol stands as a cornerstone in the Cosmos network, facilitating secure and efficient data transfers among distinct blockchain entities.
Strategic Backing by Industry Stalwarts
The Series A funding round saw participation from an array of prestigious firms, co-led by Blockchain Capital, Maven 11, and Distributed Global. The round also featured contributions from a consortium of influential investors, such as Coinbase Ventures, Placeholder, Digital Currency Group, North Island Ventures, and Figment Capital, each bringing their unique expertise and support to the table. This recent financial infusion follows a successful seed round in 2022, where Polymer Labs raised $3.6 million.
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