Evmos, Connector of Cosmos and Ethereum Blockchains, Raises $27M in Token Sale

Polychain Capital led the funding raise to accelerate the cross-chain decentralized app platform

AccessTimeIconNov 2, 2022 at 1:00 p.m. UTC
Updated Nov 2, 2022 at 5:40 p.m. UTC
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Brandy covers crypto-related venture capital deals for CoinDesk.

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Tharsis Labs – the core developer of Evmos, a blockchain that allows for cross-chain transactions between Ethereum and Cosmos – raised $27 million in a token sale led by Polychain Capital. The capital infusion is a sign of confidence after a bumpy mainnet launch in May that needed smoothing out.

The funding will go toward hiring more engineers, developing partnerships and building out the Evmos ecosystem of interoperable decentralized applications (dapps). Other participants in the round included Galaxy Digital, Huobi, HashKey Capital, Coinbase Ventures, Circle Ventures, Asymmetric and a number of Web3-linked angel investors.

Evmos started out as the open-source Ethermint library of tools for making a Cosmos blockchain that’s fully EVM compatible. It's an environment that’s popular with developers on layer 1 blockchains because of the easy transition from Ethereum. EVM is the Ethereum Virtual Machine, the software platform that allows developers to develop dapps for the blockchain.

“We realized we wanted to rebrand to increase the scope of the project to also be an interoperable EVM Cosmos that will enable decentralized applications – not just blockchains – to communicate with each other,” Evmos co-founder Federico Kunze Küllmer told CoinDesk in an interview. “This will enable new use cases for all of these applications, expanding access to liquidity and chains not necessarily running EVM.”

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Brandy covers crypto-related venture capital deals for CoinDesk.