Ethereum Interoperability Hub Polymer Raises $23M Series A Funding From Marquee Investors
Polymer Labs has secured $23 million in a Series A funding round to further develop its Ethereum-based interoperability hub. The round was co-led by Blockchain Capital, Maven 11, and Distributed Global, with contributions from Coinbase Ventures, Placeholder, and Digital Currency Group. Polymer Labs, which raised $3.6 million in seed funding two years ago, has created a layer 2 network using the Inter-Blockchain Communication (IBC) to build an interoperability hub on Ethereum. The goal is to address interoperability issues arising from the increase of layer 2s. Polymer Labs stated that current interoperability solutions like token bridges are unreliable and prone to hacks, leading to a lack of standardization in the Ethereum ecosystem and billions lost in exploits.
