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

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 strategic 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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The accelerator includes backing from Sam Bankman Fried’s Alameda Research, KuCoin Ventures and others.

Ignite (formerly Tendermint) is spearheading a $150 million investment in teams building multichain crypto projects.

Announced Tuesday, Ignite, which launched the blockchain-interoperability protocol Cosmos and its ATOM token, is teaming with 11 crypto investment firms to fund “early-stage projects that have already initiated development.”

The accelerator’s initial group of strategic partners includes Sam Bankman Fried’s Alameda Research, KuCoin Ventures, OKX Blockdream Ventures, Hashkey Capital, Chorus One, Figment, Chainlayer, Strangelove Ventures, Forbole, Everstake and Galileo.

An Ignite spokesperson told CoinDesk the accelerator is targeted at any multichain crypto project, not just those developing on Cosmos. (It appears to be a continuation of the network’s anti-maximalist trend.)

Ignite has opened applications for the first round of the six-month program and plans to support 20 projects per year.

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