Polymer Labs Secures $23 Million in Series A Funding for Ethereum Layer 2 Development

Polymer Labs Raises $23 Million in Series A Funding

Polymer Labs, a company developing an Ethereum Layer 2 network for interoperability, has secured $23 million in a Series A funding round. Leading the round were Blockchain Capital, Maven 11, and Distributed Global, with participation from Coinbase Ventures, Placeholder, Digital Currency Group, North Island Ventures, and Figment Capital.

Ethereum Interoperability Hub

Polymer Labs is building an “Ethereum interoperability hub” to connect Ethereum and its rollups, as well as other blockchains. The project aims to establish the next generation of the internet. Existing Layer 2 networks and interoperability token bridges have faced security vulnerabilities. Polymer’s Layer 2 rollup will enable secure communication between protocols on different chains without introducing new trust assumptions.

Polymer’s Plans

With the new funding, Polymer Labs plans to expand its team and hire across functions such as business development and engineering. The company also intends to launch its mainnet this year, depending on testnet performance. Polymer emphasizes building the right long-term solution and has experienced team members from companies like Google, Citadel, McKinsey, Amazon, Verizon, EY, and Uber.

Hot Take: Polymer Labs Advances Ethereum Interoperability with $23 Million Funding

Polymer Labs has raised $23 million in Series A funding to develop an Ethereum Layer 2 network for interoperability. With this funding, the company aims to build an Ethereum interoperability hub that connects various blockchains and establishes the next generation of the internet. By utilizing secure communication protocols and experienced team members from leading tech companies, Polymer Labs is focused on developing a long-term solution for blockchain interoperability. The company plans to expand its team and launch its mainnet in the near future. This funding round marks a significant step forward in advancing Ethereum interoperability and expanding the capabilities of blockchain technology.