Layer2 Polymer raises $23M from Coinbase and DCG

Polymer Labsa crypto startup that aims to create a layer 2 serving as interoperability center for Ethereumhas just collected 23 million dollars at series A.

The blockchain infrastructure builder Polymer Labs revealed on Tuesday that it had closed a $23 million financing round co-led by Blockchain Capital, Maven 11 and Distributed Global. Series A includes also the participation of Coinbase Ventures, Placeholder, Digital Currency Group, North Island Ventures and Figment Capital, according to a release.

Polymer’s mission is to establish the next generation of the Internet by ensuring that the interoperability layer linking all blockchains is neutral, open, modular and permissionless across ecosystems,” trumpeted Peter Kim, Polymer’s co-founder.

While current layers 2 on Ethereum offer scalability benefits, they introduce challenges related to interoperability and composability. The Los Angeles-based startup founded in 2021 aims to solve these challenges by creating an L2 powered by the IBC inter-blockchain communication protocol and Optimism’s OP stack.

Polymer Labs, which recently forged an alliance with re-staking platform EigenLayer, plans to launch its network testnet “soon”. The new capital will be used to accelerate the development of the solution.

As strong believers in the future of rollup, we believe that rollup interoperability with standardization is a key element of the modular stack. We are convinced that Polymer’s configuration will enable the next 1,000 rollups to interact with each other seamlessly and securely on a large scale,” commented Balder Bomans of Maven 11.

The Polymer project had already raised $3.6 million by 2022.

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