Polymer's Ethereum Hub Secures $23 Million Series A Funding – Crypto Times


© Protocols And Tokens Pvt. Ltd.
In a Series A funding, Polymer Labs secured $23 million to further develop its Ethereum-based interoperability hub which was jointly led by Blockchain Capital, Maven 11, and Distributed Global, with significant investments from well-known backers like Coinbase Ventures, Placeholder, and Digital Currency Group.
Polymer Labs recently revealed itself to the public nearly two years after successfully securing $3.6 million in seed funding.
Polymer Labs said in a statement on Tuesday, “Existing interoperability solutions such as token bridges are widely used but have proven unreliable and susceptible to hacks, leading to a lack of standardization within the Ethereum ecosystem with billions lost in exploits.”
Polymer has developed a Layer 2 network using Inter-Blockchain Communication (IBC), a technology initially designed for the Cosmos ecosystem. 
This network serves as an interoperability hub for Ethereum, addressing the difficulties arising from the widespread adoption of layer 2 solutions. 
Also Read: HashKey Group Raises $100M in Series A at $1.2B Valuation

© Protocols And Tokens Pvt. Ltd.


Leave a Reply

Your email address will not be published.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