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    Igloo, Inc. Secures $11 Million to Launch Consumer-Focused Blockchain “Abstract”

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    Igloo, Inc. Secures $11 Million to Launch Consumer-Focused Blockchain "Abstract"

    Pudgy Penguins’ parent company, Igloo, Inc., has secured over $11 million in funding to develop a new consumer-focused blockchain called Abstract.

    The funding round was led by Founders Fund with participation from Fenbushi Capital, 1kx,Everest Ventures Group, and Selini Capital.

    Abstract aims to drive mass adoption of crypto by simplifying the user experience and development process for decentralized applications (dApps).

    Built on cutting-edge ZK (zero-knowledge) cryptography, the platform promises low-cost, fast, and secure transactions.

    “Abstract will open up a new world of possibilities for crypto-native developers and global brands,” said Michael Lee, Abstract co-inventor and CEO of Cube Labs, a new venture under Igloo established to lead blockchain research and technology development.

    The Abstract Foundation, a non-profit organization, will oversee the development of Abstract and its testnet launch.

    The platform is designed to be user-friendly and cater to a broader audience, not just crypto enthusiasts.

    “Abstract is built for everyone,” said Joey Krug, Partner at Founders Fund. “By building for users first, Abstract is well-positioned to onboard the masses to crypto.”

    The Abstract team comprises notable figures in the blockchain and web3 space, including co-inventors Michael Lee, Luca Netz, Lorenzo Melendez, and developers Cygaar, 0xbeans, and stinkypablo.

    With its focus on fostering a strong community and empowering users, Abstract hopes to lead the consumer crypto revolution and redefine how people interact with the digital world.

    For more information, visit abs.xyz.

    For more Web3 news, check out the XGA newsfeed.

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