Polymer Labs, the inter-blockchain communication (IBC)-based networking layer two (L2), recently disclosed that it had raised $23 million via a Series A funding round. Polymer said only Ethereum and all chains under the IBC control will initially be compatible with its interoperability solution.

‘Connecting Billions of Dollars in Value Across Rollups’

Polymer Labs, one of the first modular Inter-Blockchain Communication (IBC)-based networking layer two (L2), recently announced that it had closed a $23 million Series A funding round. The funding round was co-led by Blockchain Capital, Maven 11, and Distributed Global, with the participation of Coinbase Ventures, Placeholder, Digital Currency Group, North Island Ventures, and Figment Capital.

According to a statement, Polymer Labs will use the funds raised to further develop the L2, which serves as an Ethereum Interoperability Hub. The L2, which is yet to be launched, seeks to connect billions of dollars in value across rollups. Polymer said it is hopeful that this solution will not only bring scalability benefits but will also prove to be reliable and less susceptible to hacking attacks.

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

Meanwhile, Yuan Han Li, an investor with Blockchain Capital, has said that his organization now supports Polymer’s goal of bringing interoperability standards to Web3. However, the statement said only Ethereum and all chains under the IBC control will initially be compatible with Polymer’s solution.

Commenting on the partnership between his organization and Polymer, he said: “We are really excited that Polymer is bringing the generalized IBC primitive into the Ethereum rollup landscape by building a versatile transport hub, and thrilled that we at Eigenlayer have the pleasure of partnering with the passionate team at Polymer.”

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