Igloo Inc., the team behind the Pudgy Penguins non-fungible tokens ( NFTs) has announced the acquisition of Frame, aiming to enhance the consumer crypto experience by developing Abstractchain. This move is expected to address limitations in current layer two ( L2) solutions and expand cultural and community-driven crypto adoption.
Firm Behind Pudgy Penguin NFTs Acquires Frame to Build Abstractchain for Consumer Crypto
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Igloo Expands Crypto Infrastructure With Frame Acquisition
Igloo Inc’s Pudgy Penguins has acquired Frame, integrating its team and technology to contribute to the development of AbstractChain. According to CEO Luca Netz, the acquisition is part of Pudgy Penguins’ strategy to improve infrastructure and distribution within the crypto space, focusing on enhancing the consumer crypto revolution.
According to Netz, existing L2 solutions have emphasized technological advancements over cultural expansion, a gap that Abstractchain aims to fill by fostering community, culture, and distribution. The acquisition addresses challenges faced by current L2 solutions, which are deemed insufficient for the consumer crypto revolution.
Pudgy Penguins plans to work closely with key figures from Frame to build the largest onchain community, facilitating a more user-centric crypto ecosystem. Frame stated that Abstractchain will leverage advanced cryptographic techniques and technologies, such as the ZK stack and Eigenda, to provide a secure, fast, and cost-effective platform for developers and users alike.
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