Polychain Capital

Polychain Capital, founded in 2016 and based in San Francisco, is a venture capital firm that focuses on investing in blockchain technologies and digital assets. The firm is dedicated to advancing the global adoption of cryptocurrencies by actively managing portfolios that include various blockchain-based protocols and companies. As a Registered Investment Adviser, Polychain Capital aims to generate exceptional returns for its investors by leveraging the unique properties of digital assets, which are created and transmitted through cryptographic verification and game-theoretic principles.

Bobby Beniers

Research Partner

Olaf Carlson-Wee

Founder and CEO

Ben Perszyk

Partner

Josh Rosenthal

Partner and Portfolio Manager

Alexa Smith

Beacon Fund Manager

Sven Wellmann

Research Analyst

Past deals in Bitcoin

Corn

Equity Crowdfunding in 2025
Corn is a new Ethereum Layer 2 network that aims to be the best platform for utilizing Bitcoin.

Yellow Card

Series C in 2024
Yellow Card operates as a leading digital currency exchange platform in Africa, specializing in the buying and selling of stablecoins such as USDT, USDC, and PYUSD. It serves individuals and businesses across 20 countries, offering secure and cost-effective methods for transactions using local currencies. The platform has facilitated over $3 billion in transactions, contributing to the growth of cryptocurrency adoption on the continent. Yellow Card collaborates with local merchants and vendors to provide vouchers that can be redeemed for Bitcoin, allowing customers to transfer money and engage in e-commerce. This integration enables individuals to participate in the digital economy, simplifying access to cryptocurrency for a broader audience.

Yala

Seed Round in 2024
Yala operates a multi-token system and unlocks a thriving and interconnected DeFi ecosystem on Bitcoin​.

Bitlayer

Series A in 2024
Bitlayer is a pioneering Bitcoin second-layer network built on BitVM, designed to provide ultra-scalability while maintaining the security of the Bitcoin blockchain. The platform aims to enhance the Bitcoin ecosystem by offering security-equivalent scalability and promoting asset diversity. Through advanced cryptographic innovations and blockchain protocol engineering, Bitlayer enables Turing completeness, allowing for greater flexibility and faster interactions. This approach positions Bitlayer as a crucial computing layer for Bitcoin, facilitating a more innovative and secure user experience within the cryptocurrency landscape.

APRO Oracle

Seed Round in 2024
APRO Oracle delivers full data support across the ecosystem. It is the most widely incorporated oracle within the Bitcoin environment. APRO Oracle uses TVWAP to accurately calculate prices by aggregating prices from leading institutional-grade data suppliers and exchanges.

Corn

Seed Round in 2024
Corn is a new Ethereum Layer 2 network that aims to be the best platform for utilizing Bitcoin.

Botanix Labs

Seed Round in 2024
Botanix Labs is a fully Ethereum-equivalent second-layer virtual machine built on top of Bitcoin. It unites Bitcoin's market cap with Ethereum's dApp ecosystem to meet its diverse applications, igniting a new frontier.

BabylonChain

Series A in 2023
Babylon builds security protocols to enhance the security of decentralized systems by leveraging Bitcoin's established security. The company's solutions include timestamping data on the Bitcoin blockchain and enabling Bitcoin holders to stake their coins on Proof-of-Stake blockchains without needing a custodian.

Foundation

Seed Round in 2022
Foundation Devices builds the open hardware foundation for Bitcoin and the sovereign Internet. They started Foundation Devices to make beautifully designed, open-source hardware for Bitcoin and the decentralized Internet. To bring great design and UX to hardware wallets, nodes, and more. To empower individuals to securely use and store Bitcoin while maintaining their sovereignty. To help our industry cross the chasm while staying true to its founding ideals. We call this open hardware. And we are excited to bring it to the world!

Finterest

Seed Round in 2022
Finterest is a financial platform that focuses on decentralized finance and web3 technologies. It operates as a lending protocol that enables users to lend and borrow native Bitcoin, as well as other cryptocurrencies like ICP and stablecoins. The platform also includes a governance feature that allows token holders to vote on potential future tokens for integration, including Ethereum. By facilitating these financial activities, Finterest aims to enhance user engagement and incentivize the utilization of its protocol.

Kollider

Seed Round in 2022
Kollider develops tools and services designed to enhance access to financial markets through the use of Bitcoin's Lightning Network. The company offers an online trading platform that simplifies the buying and selling of cryptocurrencies, allowing users to open and close positions directly from their digital wallets. This streamlined approach aims to empower crypto traders by improving their return on investment and making trading more accessible across borders.

Aspen Creek Digital Corporation

Series A in 2022
Aspen Creek Digital is a company focused on renewable Bitcoin mining, aiming to promote the decarbonization of power generation. Established in 2021 and headquartered in El Segundo, California, it utilizes a strategic combination of behind-the-meter and wholesale resources. This approach not only reduces the overall cost of retail power but also facilitates access to on-site renewable energy and storage projects for users. By supporting sustainable practices in Bitcoin mining, Aspen Creek Digital contributes to a greener future.

Yellow Card

Series B in 2022
Yellow Card operates as a leading digital currency exchange platform in Africa, specializing in the buying and selling of stablecoins such as USDT, USDC, and PYUSD. It serves individuals and businesses across 20 countries, offering secure and cost-effective methods for transactions using local currencies. The platform has facilitated over $3 billion in transactions, contributing to the growth of cryptocurrency adoption on the continent. Yellow Card collaborates with local merchants and vendors to provide vouchers that can be redeemed for Bitcoin, allowing customers to transfer money and engage in e-commerce. This integration enables individuals to participate in the digital economy, simplifying access to cryptocurrency for a broader audience.

AscendEX

Series B in 2021
AscendEX is a global operator of digital asset exchanges catering to a wide range of clients, including retail and institutional investors. The company has developed a trading platform that facilitates the buying and selling of cryptocurrencies, offering features such as financial derivatives, cash, margin, and leveraged trading on various tokens. This platform enhances liquidity provision and creates growth opportunities within the cryptocurrency ecosystem, making it a versatile tool for investors looking to navigate the digital asset market.

Yellow Card

Series A in 2021
Yellow Card operates as a leading digital currency exchange platform in Africa, specializing in the buying and selling of stablecoins such as USDT, USDC, and PYUSD. It serves individuals and businesses across 20 countries, offering secure and cost-effective methods for transactions using local currencies. The platform has facilitated over $3 billion in transactions, contributing to the growth of cryptocurrency adoption on the continent. Yellow Card collaborates with local merchants and vendors to provide vouchers that can be redeemed for Bitcoin, allowing customers to transfer money and engage in e-commerce. This integration enables individuals to participate in the digital economy, simplifying access to cryptocurrency for a broader audience.

BitClout

Initial Coin Offering in 2021
BitClout is an open-source social media platform that builds a Proof-of-Work blockchain for its users. BitClout is a new type of social network that speculates on people and posts with real money, and it’s built from the ground up as its own custom blockchain. Its architecture is similar to Bitcoin, only it can support complex social network data like posts, profiles, follows, speculation features, and much more at significantly higher throughput and scale.

BitClout

Funding Round in 2021
BitClout is an open-source social media platform that builds a Proof-of-Work blockchain for its users. BitClout is a new type of social network that speculates on people and posts with real money, and it’s built from the ground up as its own custom blockchain. Its architecture is similar to Bitcoin, only it can support complex social network data like posts, profiles, follows, speculation features, and much more at significantly higher throughput and scale.

River

Series A in 2021
River Financial is a challenger financial institution specializing in Bitcoin financial services. River Financial's flagship product, a Bitcoin brokerage, provides sophisticated retail investors with a high-touch platform to buy and sell Bitcoin. Founded in 2019 by Alexander Leishman and Andrew Benson, River's brokerage product provides its clients with best-in-class security, a world-class client service experience, and investment performance tools such as cost basis tracking.

Badger DAO

Venture Round in 2021
Badger is a decentralized autonomous organization (DAO) building products and infrastructure to accelerate Bitcoin as collateral across other blockchains. It’s meant to be an ecosystem DAO where projects and people from across DeFi can come together to collaborate and build the products our space needs. Shared ownership in the DAO will allow builders to have aligned incentives while decentralized governance can ensure those incentives remain fair to all parties. The idea is less competing and more collaborating.

Yellow Card

Seed Round in 2020
Yellow Card operates as a leading digital currency exchange platform in Africa, specializing in the buying and selling of stablecoins such as USDT, USDC, and PYUSD. It serves individuals and businesses across 20 countries, offering secure and cost-effective methods for transactions using local currencies. The platform has facilitated over $3 billion in transactions, contributing to the growth of cryptocurrency adoption on the continent. Yellow Card collaborates with local merchants and vendors to provide vouchers that can be redeemed for Bitcoin, allowing customers to transfer money and engage in e-commerce. This integration enables individuals to participate in the digital economy, simplifying access to cryptocurrency for a broader audience.

Nuo

Seed Round in 2020
Nuo Bank, founded in 2018 and based in Mumbai, India, operates as a cryptocurrency platform that focuses on managing digital assets such as Bitcoin and Ethereum. It offers a decentralized debt marketplace where users can supply capital to a reserve pool, enabling them to earn daily interest through peer-to-peer lending and borrowing without the platform taking custody of their tokens. Nuo serves as a financial control center, allowing users to store, spend, and grow their cryptocurrencies, as well as access global financial products and services. The Nuo app facilitates various transactions, including instant peer-to-peer transfers and payments using a Nuo Card, catering to the needs of users in the evolving cryptocurrency landscape.

Nervos

Initial Coin Offering in 2019
The Nervos Network is an open source public blockchain ecosystem and collection of protocols solving the biggest challenges facing blockchains today. The Nervos CKB (Common Knowledge Base) is the layer 1, proof of work public blockchain protocol of the Nervos Network. Any crypto-asset can be stored, with the security, immutability and permissionless nature of Bitcoin, while enabling smart contracts, layer 2 scaling, and the capture of total network value through a unique crypto-economic "store of value" design and native token, the CKByte. The design of the Nervos Network is a sustainably secure, permissionless and decentralized Layer 1 blockchain that is built to scale with Layer 2 solutions, making Nervos the only PoW, multi-asset, store of value, smart contract platform.

Urkel

Seed Round in 2019
Urkel is a software company focused on creating compliant infrastructure to enhance transparency and usability within the blockchain ecosystem. It offers a mining platform that includes a cryptocurrency multi-pool and a Bitcoin mining pool, along with blockchain APIs tailored for developers. This approach allows developers to bypass the need for deploying nodes they own while enabling miners to effectively manage their pools and accurately track the rewards earned. Through its innovative tools, Urkel aims to streamline the mining process and foster greater accessibility in the blockchain space.

Coinbase Ventures

Series E in 2018
Coinbase, Inc. is a digital currency platform that enables merchants, consumers, and traders to buy, sell, and store cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. Founded in 2012 and headquartered in San Francisco, California, the company offers a range of services including a user-friendly website for transactions, a digital wallet, and merchant payment processing tools. These offerings facilitate seamless transactions for users and support a variety of online businesses. Coinbase's mission is to create an open financial system accessible to individuals worldwide, fostering the adoption of cryptocurrencies and enhancing the overall digital financial landscape.

Nervos

Series A in 2018
The Nervos Network is an open source public blockchain ecosystem and collection of protocols solving the biggest challenges facing blockchains today. The Nervos CKB (Common Knowledge Base) is the layer 1, proof of work public blockchain protocol of the Nervos Network. Any crypto-asset can be stored, with the security, immutability and permissionless nature of Bitcoin, while enabling smart contracts, layer 2 scaling, and the capture of total network value through a unique crypto-economic "store of value" design and native token, the CKByte. The design of the Nervos Network is a sustainably secure, permissionless and decentralized Layer 1 blockchain that is built to scale with Layer 2 solutions, making Nervos the only PoW, multi-asset, store of value, smart contract platform.

Keep

Venture Round in 2018
Keep Network is a blockchain technology company that focuses on enabling the use of private data on public protocols. Founded in 2017 and headquartered in George Town, Midland, it develops solutions that allow contracts to leverage private information while interacting with public blockchains. One of its key offerings is tBTC, a decentralized bridge that connects Bitcoin to the Ethereum network, allowing users to securely and anonymously transfer Bitcoin for participation in decentralized finance (DeFi) activities. The company's technology incorporates a privacy layer for Ethereum, utilizing secure multiparty computation to store data across multiple locations, enabling decentralized signing and the creation of cryptocurrency wallets. This innovation ensures that users can store files privately with blockchain storage encryption while engaging with the broader blockchain ecosystem.
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