Pudgy Penguins’ Parent Company Raises $11 Million to Build Consumer Blockchain

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 is designated for the establishment of Cube Labs, a new entity within Igloo focused on blockchain technology development.

Cube Labs will concentrate its efforts on Abstract, a blockchain designed to ease the adoption of cryptocurrency for consumer applications. Abstract is in the preparatory stages of a testnet launch and is supported by the Abstract Foundation, a non-profit organization.

"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.

Abstract plans to leverage the organic growth strategy previously utilized by Pudgy Penguins to mitigate 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 easily merge both the real and digital worlds. We are excited to drive the consumer crypto revolution forward," said Luca Netz, CEO of Igloo, Inc.

By leveraging 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 enhance the user experience for crypto applications, making it more straightforward and accessible for the general public.

Pudgy Penguins is one of the very few NFT collections to not only survive, but thrive through the bear market. Its floor price sits at 10.7 ETH ($37,000), making it the second most valuable collection after CryptoPunks.