Polymer Labs Raises $23 Million in Series A Funding for Modular Layer 2 Network
Today, Polymer Labs announced that it has secured $23 million in funding for its Series A round. The funding will be used to support the development of a modular layer 2 network. This network will utilize the Cosmos SDK’s Inter-Blockchain Communication (IBC) protocol, OP stack’s settlement features, and Eigenlayer’s data availability layer.
Improving Blockchain Interoperability
Polymer Labs was founded by Bo Du and Peter Kim, who have a background in the blockchain industry. They shifted their focus to this project in 2021 with the goal of improving blockchain interoperability. Initially, they planned to develop a new interoperability protocol, but their research led them to discover the Cosmos SDK’s IBC protocol, which became the foundation of their project.
Key Funding Players
The Series A funding round was co-led by Blockchain Capital, Maven 11, and Distributed Global. Other contributors included Coinbase Ventures, Placeholder, Digital Currency Group, North Island Ventures, and Figment Capital. This funding follows Polymer Labs’ successful seed round in 2022, which raised $3.6 million.
Hot Take: Advancing Blockchain Interconnectivity with Polymer Labs
Polymer Labs’ latest funding round marks an important milestone in advancing blockchain interoperability. With the support of industry leaders and influential investors, Polymer Labs can continue developing its modular layer 2 network powered by the Cosmos SDK’s IBC protocol. This innovative solution has the potential to revolutionize data transfer between different blockchain networks, paving the way for enhanced connectivity and collaboration within the crypto ecosystem.
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