Igloo, Inc. secured a super 11 million US dollars financing led by Founders Fund to develop a new consumer-oriented blockchain Abstract.

Deep Tide TechFlow News, on July 23, Igloo, Inc., the parent company of Pudgy Penguins, announced the completion of a super $11 million financing round led by the well-known venture capital firm Founders Fund, with participation from Distributed Capital, 1kx, Everest Ventures Group, and Selini Capital.

Igloo plans to invest this strategic financing in developing its new business Cube Labs, focusing on gaining a leading position in blockchain research and development. Cube Labs will oversee and participate in the development of Abstract—a new blockchain focusing on consumption, aiming to drive mainstream adoption of encryption. Abstract, incubated by the non-profit organization Abstract Foundation, will lead the encryption revolution in the consumer sector by bringing tens of billions of people onto the chain for the first time, with its testnet set to launch soon.

Michael Lee, co-founder of Abstract and CEO of Cube Labs, said: "Abstract will open up new possibilities for crypto-native developers and global brands—ultimately creating a leading consumer crypto platform. We are at the beginning of a new era where blockchain technology will redefine the concept of digital ownership and seamlessly integrate into our daily lives, making our work, life, relationships, and entertainment better."