The post Abstrat Chain Seeking New Funding Round : Pudgy Penguins CEO Luca Netz appeared on BitcoinEthereumNews.com.

Abstract Chain:- Pudgy Penguins’ $PENGU token has soared this past week, climbing over 35%. This has been driven by Coinbase’s X avatar change and the SEC’s acknowledgment of a Canary Capital PENGU ETF filing. Beyond its market performance, the NFT brand is also making major business moves. Its consumer-focused Layer-2 network, Abstract Chain – the second major venture under parent company Igloo, alongside Pudgy Penguins – is now preparing to raise a new funding round. In a recent podcast on 17 July, CEO Luca Netz said, “Our plan is to raise to take this whole thing [Abstract Chain] to the next level.” This comes as the consumer-centric chain hits $200M in TVL. Though CEO Luca did not reveal the specific timeling for the funding round, the estimates are likely that it will be closed before the year ends. If successful, this funding round would be the second such round after it secured an $11 million strategic funding for Abstract Chain in July 2024. The investors for its tesnet-focused round included Peter Thiel’s Founders Fund, 1kx among others. On looking to raise again, Luca reasoned that, “because I think we have enough in the pipeline being built and enough on the platform that I think it’s time to go and activate the marketing machine.” Abstract has just hit $200M of TVL. No liquidity mining, no bought TVL, no backdoor deals, just fully organic growth. Who knew Penguins could fly and L2s could build a real organic ecosystem? pic.twitter.com/U0t3Aierot — 0xBeans (@0x_Beans) July 16, 2025 Also Read: Uniswap Prez Steps Down Abstract Chain – The Web3’s Apple Store? CEO Luca Netz who took over the Pudgy Penguins NFT project in 2022 has significantly expanded and turned the ecosystem into a consumer-brand model. The Ethereum Layer‑2 network incubated by Igloo Inc. – Abstract Chain is one part…

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Filed under: News - @ July 19, 2025 11:26 am