Ethereum Interoperability Hub Polymer Raises $23M Series A Funding From Marquee Investors

The funding round was co-led by Blockchain Capital, Maven 11 and Distributed Global and included contributions from Coinbase Ventures, Placeholder and Digital Currency Group

AccessTimeIconJan 23, 2024 at 3:00 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Polymer Labs has raised $23 million in Series A funding to advance the building of its Ethereum-based interoperability hub.

The funding round was co-led by Blockchain Capital, Maven 11, and Distributed Global and included contributions from a number of big-name investors, such as Coinbase Ventures, Placeholder, and Digital Currency Group.

  • Crypto Is 'Waking Up' to Real World Assets: Securitize CEO
    14:25
    Crypto Is 'Waking Up' to Real World Assets: Securitize CEO
  • Bringing Real World Assets on Chain Makes Them 'More Productive,' Securitize CEO Says
    00:57
    Bringing Real World Assets on Chain Makes Them 'More Productive,' Securitize CEO Says
  • What Does State Inquiry Mean for Ethereum?
    05:25
    What Does State Inquiry Mean for Ethereum?
  • Solana Passes Ethereum on DEX Volume
    01:15
    Solana Passes Ethereum on DEX Volume
  • Polymer Labs emerged from stealth nearly two years after closing its seed funding of $3.6 million.

    Polymer has developed a layer 2 network that employs the Inter-Blockchain Communication (IBC) - originally developed for the Cosmos ecosystem to allow different blockchains to communicate with one another - to build an Ethereum-based interoperability hub.

    The aim is to counteract the challenges of interoperability that emerge as a result of the proliferation of layer 2s.

    "Existing interoperability solutions such as token bridges are widely used but have proven unreliable and susceptible to hacks, leading to a lack of standardization within the Ethereum ecosystem with billions lost in exploits," Polymer Labs said in an emailed announcement on Tuesday.


    Edited by Aoyon Ashraf.




    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.