Polymer Labs Raises $23 Million in Series A Funding Round
Polymer Labs, a modular Inter-Blockchain Communication (IBC)-based networking layer two (L2), has recently completed a Series A funding round, raising $23 million. Leading the funding round were Blockchain Capital, Maven 11, and Distributed Global, with participation from other prominent investors including Coinbase Ventures, Placeholder, Digital Currency Group, North Island Ventures, and Figment Capital.
Funds to Develop Interoperability Hub
Polymer Labs plans to utilize the raised funds for further development of their L2, which aims to serve as an Ethereum Interoperability Hub. Currently in development, the L2’s primary objective is to connect billions of dollars across rollups. The team at Polymer believes that beyond scalability advantages, their solution will offer increased reliability and enhanced security against hacking attacks.
Creating an Interoperability Layer for All Blockchains
Peter Kim, co-founder of Polymer, expresses the company’s mission to establish a neutral, open, modular, and permissionless interoperability layer for all blockchains. The team aims to deliver a next-generation internet where ecosystems can seamlessly connect with one another.
Initial Compatibility with Ethereum and Chains Under IBC Control
While supporting Polymer’s goal of interoperability standards in Web3, Yuan Han Li of Blockchain Capital states that initially, only Ethereum and all chains under the IBC control will be compatible with Polymer’s solution. This limitation will be expanded in the future to encompass other chains as well.
Hot Take: Advancing Blockchain Interoperability with Polymer Labs
With its successful Series A funding round, Polymer Labs is well-positioned to advance the development of its inter-blockchain communication technology. By focusing on creating an Ethereum Interoperability Hub, Polymer aims to connect billions of dollars across rollups, enhancing scalability, reliability, and security in the blockchain ecosystem. Moving forward, Polymer’s goal of establishing a neutral and open interoperability layer for all blockchains shows promise for shaping the future of the internet, enabling seamless collaboration between diverse blockchain ecosystems.
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