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.

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.

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