Polymer Labs raises $23m for blockchain interoperability network

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In the present day, Polymer Labs secured $23 million in funding for its Sequence A spherical to assist develop a modular layer 2 community. 

The layer 2 community makes use of the Cosmos SDK’s Inter-Blockchain Communication (IBC) protocol, OP stack’s settlement options, and Eigenlayer’s information availability layer. Founders Bo Du and Peter Kim, who’ve been concerned within the blockchain trade, shifted their focus to this mission in the summertime of 2021, aiming to enhance blockchain interoperability.

Initially, Polymer Labs aimed to develop a wholly new interoperability protocol just like a number of normal message-passing protocols already in existence. Nevertheless, their analysis and improvement led them to the Cosmos SDK’s IBC protocol, a discovery that pivoted their mission’s course. The IBC protocol is a vital aspect within the Cosmos ecosystem, designed to allow safe and environment friendly information switch between distinct blockchain networks.

The funding spherical was co-led by notable trade gamers Blockchain Capital, Maven 11, and Distributed World. This spherical additionally witnessed contributions from a consortium of influential traders, together with Coinbase Ventures, Placeholder, Digital Forex Group, North Island Ventures, and Figment Capital. Beforehand, in 2022, Polymar Labs closed its seed spherical with $3.6 million in funding. 

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