Cosmos and Ethereum blockchain connector Evmos raises $27M in token sale

Key points:

• Evmos is a blockchain that supports cross-chain transactions between Ethereum and Cosmos.
• Tharsis Labs raised $27 million in a token sale led by Polychain Capital.
• Funding will be used to hire more engineers, develop strategic partnerships, and build the Evmo ecosystem.

Polychain Capital leads investment to accelerate cross-chain decentralized application platform

Tharsis Labs, the core developer of Evmos, a blockchain that supports cross-chain transactions between Ethereum and Cosmos, raised $27 million in a token sale led by Polychain Capital. After the bumpy mainnet launch in May, the capital injection is a sign of confidence and needs to be smoothed out.

Funding will be used to hire more engineers, develop strategic partnerships, and build the Evmo ecosystem of interoperable decentralized applications (dapps). Other participants in the round include Galaxy Digital, Huobi, HashKey Capital, Coinbase Ventures, Circle Ventures, Asymmetric, and some Web3-related angel investors.

Evmos started out as an open-source Ethermint library containing tools for building a fully EVM-compatible Cosmos blockchain. This is a popular environment for layer 1 blockchain developers due to Ethereum's easy transition. EVM is the Ethereum Virtual Machine, a software platform that enables developers to build dapps for the blockchain.

"We realized we wanted to rebrand to expand the scope of the project into an interoperable EVM universe that would allow decentralized applications - not just blockchains - to talk to each other," Evmos co-founder Federico Kunze Küllmer said. “This will open up new use cases for all of these applications and expand access to liquidity and chains that don’t necessarily run EVMs.”