Polymer Secures Funding To Drive Cross-Chain Harmony In Ethereum
Polymer has secured a $23 million Series A investment, featuring contributions from major crypto VCs such as Coinbase, Placeholder, and Digital Currency Group.
The funding will support the development of Polymer’s eponymous network, hailed as “the first Ethereum Layer 2 that provides interoperability-as-a-service to Ethereum and its rollups.” The platform aims to serve as a central hub for Ethereum and its associated networks, enhancing interoperability and ensuring seamless interactions among the diverse elements of the Ethereum ecosystem.
Utilizing the Cosmos IBC protocol, Polymer strives to establish a “neutral standard” for cross-chain applications, easing the development process and fostering universal communication across blockchains. The company plans to focus initially on Ethereum and its rollups, addressing the current challenges related to data exchange between decentralized applications on different layer 2 networks. While still in a private testnet phase, Polymer encourages developers to explore building on its platform, emphasizing the importance of neutral standards in achieving successful cross-chain operability.
Clever Robot News Desk 25th January 2024
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