The parent company of well-known non-fungible token collection Pudgy Penguins has raised $11 million from investors including Founders Fund to help launch a consumer-focused blockchain for the mass adoption of cryptocurrency. What Happened: Since being acquired by Luca Netz for 750 Ethereum (CRYPTO: ETH) in 2022, Pudgy Penguins has emerged as a leading NFT collection, with its consumer products now available in major retailers worldwide. The company has launched plushies, keychains, blind bags and more inside the likes of Walmart Inc (NYSE:WMT), Target (NYSE:TGT), Five Below (NASDAQ:FIVE) and on Amazon.com Inc (NASDAQ:AMZN). Now the attention of Igloo Inc, the parent company of Pudgy Penguins, turns to establishing Cube Labs and developing Abstract. Igloo announced Tuesday that it raised $11 million in a funding round led by Peter Thiel's Founders Fund. Additional investors included Fenbushi Capital, 1kx, Everest Ventures Group and Selini Capital. The new funding round will help accelerate the development of Abstract, a blockchain designed to power consumer apps and drive the mass adoption of crypto. "Abstract will open up a new world of possibilities for crypto-native developers and global brands – in turn creating the dominant crypto consumer platform," Abstract co-investor and Cube Labs CEO Michael Lee said. "We are at the beginning of a new era where blockchain technology will reinvent the idea of digital ownership and seamlessly integrate into our daily lives, enhancing how we live, work, connect, and play." The announcement said ...