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.
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