Today, Polymer Labs secured $23 million in funding for its Series A round to help bitcoin develop a modular layer 2 network. 
The layer 2 network utilizes the Cosmos SDK’s Inter-Blockchain Communication (IBC) protocol, OP stack’s settlement features, and Eigenlayer’s data availability layer. Founders Bo Du and Peter Kim, who have been involved in the blockchain industry, shifted their focus to this project in the summer of 2021, aiming to improve blockchain interoperability.

We’ve co-led the Series A of @Polymer_Labs!Polymer is establishing the next generation of the internet by scaling IBC interoperability to all blockchains.More on our thesis by @yuan_han_li and @h_joshua_rivera. ↓https://t.co/82S4PovTTV— Blockchain Capital (@blockchaincap) January 23, 2024

You might also like: Religious leaders face fraud charges over crypto scheme

Originally, Polymer Labs aimed to develop an entirely new interoperability protocol similar to several general message-passing protocols already in existence. However, their research and development led them to the Cosmos SDK’s IBC protocol, a discovery that pivoted their project’s direction. The IBC protocol is a crucial element in the Cosmos ecosystem, designed to enable secure and efficient data transfer between distinct blockchain networks.
The funding round was co-led by notable industry players Blockchain Capital, Maven 11, and Distributed Global. This round also witnessed contributions from a consortium of influential investors, including Coinbase Ventures, Placeholder, Digital Currency Group, North Island Ventures, and Figment Capital. Previously, in 2022, Polymar Labs closed its seed round with $3.6 million in funding. 

Read more: Bitcoin dips below $40k amid BTC ETF selloffs
Follow Us on Google News

Source: https://thebittimes.com/polymer-labs-raises-23m-for-blockchain-interoperability-network-tbt77491.html

Leave a Reply

Your email address will not be published. Required fields are marked *