Polymer Bags $23M for Ethereum Interoperability Hub: A Series A Success

• Polymer Labs Secures $23 million Series A Funding
• Company Background and Funding History
• Development of Interoperability Hub
• Challenges of Existing Interoperability Solutions
• Recent Collaborations in the Blockchain Space

Polymer Labs Secures $23 million Series A Funding

Polymer Labs has secured $23 million in a Series A funding round to bolster the construction of its Ethereum$2,315 -2.42%-based interoperability hub. Co-led by Blockchain Capital, Maven 11, and Distributed Global, the round attracted participations from renowned investors including Coinbase Ventures, Placeholder, and Digital Currency Group.

Company Background and Funding History

Polymer Labs came into the light approximately two years after finalizing its seed funding valued at $3.6 million. Since then, the team has been focused on the development of an interoperability hub based on Ethereum.

Development of Interoperability Hub

Polymer has engineered a layer 2 network that leverages the Inter-Blockchain Communication (IBC). The IBC was initially developed for the Cosmos ecosystem to facilitate communication between different blockchains. Polymer Labs' vision is to mitigate the interoperability challenges that have cropped up due to the surge of layer 2s.

Challenges of Existing Interoperability Solutions

Although existing interoperability solutions such as token bridges are widely used, they have shown to be unreliable and vulnerable to hacks. This has resulted in an absence of standardization within the Ethereum ecosystem, with billions of dollars lost in exploits, according to Polymer Labs.

Recent Collaborations in the Blockchain Space

In a related development, Near Foundation and Polygon$0.967 -3.65% Labs are working together to develop a ZK Solution. This collaboration underscores the ongoing efforts within the blockchain industry to advance the technology and address existing challenges.

Edited by Jonathan Stoker