According to TechFlow, on July 23, Igloo, Inc. ("Igloo"), the parent company of Pudgy Penguins, announced that it had completed a financing of over $11 million led by the well-known venture capital firm Founders Fund, with participation from Distributed Capital, 1kx, Everest Ventures Group and Selini Capital.

Igloo plans to use this strategic investment to develop its new business, Cube Labs, which is focused on leading the blockchain research and development. Cube Labs will oversee and contribute to the development of Abstract, a new consumer-focused blockchain that aims to promote crypto mainstreaming. Incubated by the non-profit Abstract Foundation, Abstract will lead the crypto revolution in the consumer space by bringing billions of people online for the first time, and its testnet will be launched soon.

“Abstract will open up new possibilities for crypto-native developers and global brands — which in turn will create the leading consumer crypto platform,” said Michael Lee, co-founder of Abstract and CEO of Cube Labs. “We are at the beginning of a new era where blockchain technology will redefine the concept of digital ownership and seamlessly integrate into our daily lives, making our work, life, relationships, and entertainment better.”