Polymer Labs Raises $23M for Ethereum Interoperability

The company aims to unify the Ethereum ecosystem with its Layer 2 network using the Cosmos IBC protocol.

Polymer Labs has secured $23 million in Series A funding from Blockchain Capital, Maven 11 and Distributed Global, with participation from Coinbase Ventures, Placeholder, Digital Currency Group, North Island Ventures and Figment Capital.
Polymer Labs is developing an Ethereum Layer 2 network that aims to provide interoperability-as-a-service to Ethereum and its rollups, using the Cosmos IBC protocol.
The company's goal is to become a hub for Ethereum and all other Ethereum-based networks, such as Arbitrum and Optimism, facilitating communication and cooperation across the ecosystem.
Polymer's founders, Bo Du and Peter Kim, believe that the IBC protocol is the most decentralized, elegant solution for establishing connections and passing messages between chains.
The new funding will be used to expand the team, continue development of the Ethereum interoperability infrastructure, and launch the mainnet later this year.