{"id":10363,"date":"2024-01-24T08:20:59","date_gmt":"2024-01-24T08:20:59","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=10363"},"modified":"2024-01-24T08:21:25","modified_gmt":"2024-01-24T08:21:25","slug":"polymer-labs-raises-23-million-in-series-a-funding","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/polymer-labs-raises-23-million-in-series-a-funding\/","title":{"rendered":"Polymer Labs Raises $23 Million in Series A Funding!"},"content":{"rendered":"

Polymer Labs<\/strong>, a Layer 2 network that will provide composability as a service for Ethereum and its rollups, raised $23 million in a Series A funding round.<\/p>\n

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You might like: Core Scientific to Continue Trading on Nasdaq!<\/em><\/strong><\/span><\/a><\/p>\n<\/blockquote>\n

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

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.<\/p>\n

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

Ethereum Interoperability Hub<\/strong><\/p>\n

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.<\/p>\n

Polymer noted that existing Layer 2<\/strong> 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.”<\/p>\n

The company is using the centrally managed Cross-Chain<\/strong> Communication protocol, the Cosmos<\/strong> standard for blockchain interoperability, and the Optimism Stack<\/strong>.<\/p>\n

Polymer said that eventually, any developer building any Web3 application on any chain will be able to use the interoperability tool.<\/p>\n

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Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don\u2019t forget to follow us on\u00a0Telegram<\/strong><\/a>,\u00a0YouTube<\/strong><\/a>\u00a0and\u00a0Twitter<\/strong><\/a> for the latest news and updates.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Polymer Labs, a Layer 2 network that will provide composability as a service for Ethereum and its rollups, raised $23 million in a Series A funding round. You might like: Core Scientific to Continue Trading on Nasdaq! Polymer Labs said on Tuesday that the round was led by Blockchain Capital, Maven 11, and Distributed Global,<\/p>\n","protected":false},"author":1,"featured_media":10364,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[3887,636,3464,3654,196,3885,3888,3886,3884,3883,1127,85],"class_list":["post-10363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-blockchain-capital","tag-coinbase-ventures","tag-digital-currency-group","tag-figment-capital","tag-layer-2","tag-north-island-ventures","tag-optimism-stack","tag-peter-kim","tag-placeholder","tag-polymer-labs","tag-testnet","tag-web3"],"yoast_head":"\nPolymer Labs Raises $23 Million in Series A Funding! - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Polymer Labs that will provide composability as a service for Ethereum and its rollups, raised $23 million in a Series A funding round.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/polymer-labs-raises-23-million-in-series-a-funding\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Polymer Labs Raises $23 Million in Series A Funding! 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