According to CoinDesk, 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.