Jannat Ara

Polymer Labs Raises $23 Million in Series A Funding for Blockchain Interoperability Network

Polymer Labs has successfully secured $23 million in its Series A funding round to advance the development of a modular layer 2 network. The layer 2 network utilizes the Cosmos SDK’s Inter-Blockchain Communication (IBC) protocol, incorporating OP stack’s settlement features and Eigenlayer’s data availability layer. Co-founded by Bo Du and Peter Kim, who transitioned their focus to this project in the summer of 2021, Polymer Labs aims to enhance blockchain interoperability.

Originally conceptualized to create an entirely new interoperability protocol, Polymer Labs shifted its direction after discovering the potential of the Cosmos SDK’s IBC protocol during the research and development phase. The IBC protocol, integral to the Cosmos ecosystem, facilitates secure and efficient data transfer between diverse blockchain networks.

This funding round was co-led by prominent industry players Blockchain Capital, Maven 11, and Distributed Global. Other significant contributors included Coinbase Ventures, Placeholder, Digital Currency Group, North Island Ventures, and Figment Capital. Polymer Labs had previously closed a seed round in 2022, securing $3.6 million in funding.

Powered by Crypto Expert BD

Follow us on Twitter: https://x.com/CryptoExpert_BD

Join our Telegram channel: https://t.me/CryptoExpert_BD