PANews reported on July 23 that according to official news, Igloo, Inc. ("Igloo"), the parent company of Pudgy Penguins, announced the completion of a financing of over US$11 million led by Founders Fund, with participation from Distributed Capital, 1kx, Everest Ventures Group and Selini Capital. Igloo plans to invest this strategic financing in the development of its new business Cube Labs, which will oversee and participate in the development of Abstract as a contributor.

According to reports, Abstract is a new blockchain focused on consumption, incubated by the non-profit organization Abstract Foundation, and its test network will be launched soon. In addition to the lineup of blockchain entrepreneurs Michael Lee, Luca Netz and Lorenzo Melendez as co-founders, Abstract's engineering team includes Web3 developers Cygaar, 0xbeans and stinkypablo. Using leading ZK (zero-knowledge proof) cryptography technology, Abstract's open source technology aims to provide users and developers with low-cost, fast and secure transactions.