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Polymer Labs said on Tuesday that the round was led by Blockchain Capital, Maven 11, and Distributed Global, with participation from Coinbase Ventures, Placeholder, Digital Currency Group, North Island Ventures, and Figment Capital.

It is unclear when Polymer started raising for the round or when the project closed. Co-founder Peter Kim declined to comment on the timeline. He also declined to comment on the structure of the round, whether it was equity, token, or equity plus token-warrant round, and valuation.

Polymer’s Series A seed round occurred two years ago, raising $3.6 million. Kim said the project is in the development phase of its Ethereum composability infrastructure and plans to launch the Testnet in about 2 months.

Ethereum Interoperability Hub

Polymer Labs is building an “Ethereum interoperability hub” to connect all blockchains, starting with Ethereum, with the goal of creating the next generation of the internet.

Polymer noted that existing Layer 2 networks and interoperability token bridges are widely used but not robust against attacks, adding that the Layer 2 aggregation will enable protocols on different chains to “communicate efficiently and securely, improving their functionality without introducing new trust assumptions.”

The company is using the centrally managed Cross-Chain Communication protocol, the Cosmos standard for blockchain interoperability, and the Optimism Stack.

Polymer said that eventually, any developer building any Web3 application on any chain will be able to use the interoperability tool.

The post Polymer Labs Raises $23 Million in Series A Funding! appeared first on Coin Engineer.

The company announced on Monday that Maven11 Capital led the round with participation from Figment Capital, SevenX Ventures, IOSG Ventures, and several other investors.

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In addition, the company’s co-founder Lucas Kozinski said in a statement that the venture was founded in August, began raising funds in November, and completed the round in December.

Kozinski added that this was a stock round with a 1:1 token warrant round, which brings Renzo’s post-money valuation to $25 million.

What is Renzo?

The Renzo protocol is currently helping users re-stake Ethereum (ETH) through EigenLayer as part of its beta mainnet release last month. The protocol also plans to support liquid staking tokens (LSTs) in future versions.

To start using the protocol, users need to deposit ETH and optionally LSTs, and they will receive ezETH, which is Renzo’s liquid re-staking token (LRT). This token can then be used in DeFi applications to earn additional yield on top of ETH staking rewards.

Kozinski said, “Renzo is a third-generation protocol that can accept both native ETH and LSTs.” He characterized Stader Labs-like protocols as first-generation, supporting only liquid staking, and protocols like Ether.fi as second-generation, supporting only ETH re-staking.

Kozinski said, “Renzo is the first liquid re-staking protocol designed to accept both ETH and LSTs.”

The post Renzo (Ethereum Re-Staking) Raises $3.2 Million Seed Round! appeared first on Coin Engineer.