Polymer Labs, a startup specializing in interoperability and L2 solutions, raised $23 million in a Series A round led by Blockchain Capital, Maven 11 and Distributed Global.
Today we're incredibly excited to announce Polymer Labs' $23 million Series A!
This funding empowers our commitment to ensuring the interoperability layer connecting all blockchains is neutral, open, modular, and permissionless across ecosystems. pic.twitter.com/zZzwgoIlu9
— Polymer Labs (@Polymer_Labs) January 23, 2024
Other investors include Coinbase Ventures, Placeholder, Digital Currency Group, North Island Ventures and Figment Capital. The project's assessment is not disclosed.
In March 2022, Polymer Labs raised $3.6 million in seed funding.
The project is creating an “interoperability hub,” which involves combining the Ethereum network and rollups based on it with other blockchains to create the “Next Generation Internet.”
The platform infrastructure is still under development. The testnet launch is scheduled for March.
According to the developers, L2 networks and cross-chain bridges on the market are quite widely used, but are susceptible to hacking. The startup's solutions will allow different protocols to “interoperate without introducing new trust assumptions, extending the functionality of a wide range of blockchains.”
Polymer Labs uses Inter-Blockchain Communication technology from Cosmos and OP Stack architecture from Optimism. Project representatives emphasized that any Web3 developer, regardless of the network used, will be able to use the interoperability tools they create.
The team will use the raised funds to expand its staff. The platform's main network is also planned to launch this year.
Let us recall that in August, the interoperability-focused blockchain platform ZetaChain attracted investments worth $27 million.
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