Share this article
Ethereum Interoperability Hub Polymer Raises $23M Series A Funding From Marquee Investors
The funding round was co-led by Blockchain Capital, Maven 11 and Distributed Global and included contributions from Coinbase Ventures, Placeholder and Digital Currency Group
Updated Jan 23, 2024, 3:00 p.m. Published Jan 23, 2024, 3:00 p.m.
Polymer Labs has raised $23 million in Series A funding to advance the building of its Ethereum-based interoperability hub.
The funding round was co-led by Blockchain Capital, Maven 11, and Distributed Global and included contributions from a number of big-name investors, such as Coinbase Ventures, Placeholder, and Digital Currency Group.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Polymer Labs emerged from stealth nearly two years after closing its seed funding of $3.6 million.
Polymer has developed a layer 2 network that employs the Inter-Blockchain Communication (IBC) - originally developed for the Cosmos ecosystem to allow different blockchains to communicate with one another - to build an Ethereum-based interoperability hub.
The aim is to counteract the challenges of interoperability that emerge as a result of the proliferation of layer 2s.
"Existing interoperability solutions such as token bridges are widely used but have proven unreliable and susceptible to hacks, leading to a lack of standardization within the Ethereum ecosystem with billions lost in exploits," Polymer Labs said in an emailed announcement on Tuesday.
Read More: Near Foundation and Polygon Labs Collaborate to Build ZK Solution
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Turkey's Paribu Buys CoinMENA in $240M Deal, Expanding Into High-Growth Crypto Markets
With the acquisition, Paribu gains regulatory foothold in Bahrain and Dubai and access to the region's fast-growing crypto user base.
What to know:
- Paribu acquires Bahrain- and Dubai-based CoinMENA for up to $240 million.
- Deal marks Turkey’s biggest fintech acquisition and first international crypto M&A, the firm said.
- The move taps into the MENA region’s fast-growing crypto user base and supportive regulatory hubs.
Top Stories
