Ethereum Layer 2 developer Polymer Labs raises $23 million in Series A funding
Summary
Polymer Labs, which is building an Ethereum ETH -0.04% Layer 2 network to provide interoperability-as-a-service to Ethereum and its rollups, has raised $23 million in a Series A funding round.Blockchain Capital, Maven 11 and Distributed Global co-led the round, with Coinbase Ventures, Placeholder, Digital Currency Group, North Island Ventures and Figment Capital participating, Polymer Labs said Tuesday.It isnt clear when Polymer began raising for the round and when the project closed; co-founder Peter Kim declined to comment on the timeline. The projects Ethereum interoperability infrastructure is under development, and it plans to launch the testnet by March, Kim said.Polymer Labs is building an "Ethereum interoperability hub," first to connect Ethereum and its rollups and then all blockchains with the goal of establishing the next generation of the internet.The current Layer 2 networks and interoperability token bridges are widely used but have been susceptible to hacks, Polymer said, adding that its Layer 2 rollup will enable protocols on different chains to "communicate efficiently and securely without introducing new trust assumptions, enhancing the functionality of a wide range of blockchains. "Polymer utilizes the Inter-Blockchain Communication (IBC) protocol, the Cosmos standard for blockchain interoperability, and the Optimism Stack for its hub. Polymer also aims to launch its mainnet sometime this year, "depending on testnet performance," Kim said.Polymer said its team has had professional working experience at firms including Google, Citadel, McKinsey, Amazon, Verizon, EY, and Uber. "While many bridges have prioritized go-to-market and business development, we emphasize the importance of building the right solution for the long term," Kim said.