Polychain Capital

Polychain Capital is a San Francisco-based venture capital firm that invests in blockchain technologies and the blockchain assets sector. It supports protocols and companies in the blockchain space and aims to advance the global adoption of cryptocurrencies. The firm manages actively managed portfolios of blockchain assets to generate returns for investors.

Bobby Beniers

Investor

Olaf Carlson-Wee

Managing Director

Kevin Ding

Seed Investor

Jeffrey Maganis

Investor

Luke Pearson

Senior Research Cryptographer

Ben Perszyk

Partner

Josh Rosenthal

Partner

Alexa Smith

Beacon Fund Manager

Michael Waldmann

Investor

Justin Waldron

Partner

Sven Wellmann

Research Analyst

Past deals in Trading Platform

Biton

Venture Round in 2025
Biton is a full-chain ecology trading platform that offers services to simplify the trading process and mitigate cross-chain risks.

Seismic

Seed Round in 2025
Seismicy enables developers to establish innovative financial partnerships and investment instruments.

Monkey Tilt

Series A in 2024
Monkey Tilt is a technology company that operates a crypto fantasy sports platform, offering users a unique blend of traditional casino games, sports betting, poker, and cryptocurrency-based gambling experiences. It aims to provide an engaging, social, and lifestyle-integrated entertainment experience for its users.

Yellow Card

Series C in 2024
Yellow Card operates a cryptocurrency platform that enables individuals and businesses to buy, sell, and manage digital assets using local currencies and mobile money across Africa. The platform functions as a crypto exchange and payments solution, offering over-the-counter trading, merchant services, currency exchange, and crypto gift cards. It provides an on/off ramp for stablecoins such as USDT, USDC, and PYUSD through a payments API, supporting secure, cost-effective transfers and borderless transactions. The company serves customers in numerous African countries and has facilitated billions of dollars in transactions, reflecting its role in promoting financial inclusion and access to digital finance. Founded in 2016 and active in the market, Yellow Card aims to simplify crypto access for individuals and businesses through a scalable, local-currency-first approach.

Yala

Seed Round in 2024
Yala is a technology company that develops infrastructure to connect Bitcoin liquidity with a meta-yield stablecoin, enabling users to securely and transparently earn yield on their Bitcoin holdings within a DeFi ecosystem. Its modular, on-chain, and permissionless infrastructure aims to be capital-efficient, fostering a thriving and interconnected DeFi ecosystem on Bitcoin.

Polymarket

Series A in 2024
Polymarket is a prediction market platform that enables users to wager real money on the outcomes of debated current events. The service operates on blockchain technology, primarily Ethereum, with additional use of the Polygon network to improve scalability and reduce transaction costs. Participants connect through an Ethereum-compatible wallet and place bets using the USDC stablecoin on topics such as politics, healthcare, economics, and other areas where public discussion centers on likely outcomes. The platform transforms speculative activity into market-based insights by allowing users to express expectations about future events and realize gains or losses based on actual results.

Monkey Tilt

Venture Round in 2024
Monkey Tilt is a technology company that operates a crypto fantasy sports platform, offering users a unique blend of traditional casino games, sports betting, poker, and cryptocurrency-based gambling experiences. It aims to provide an engaging, social, and lifestyle-integrated entertainment experience for its users.

Particle

Seed Round in 2024
Particle is a permissionless decentralized leverage trading technology that may be used with any digital asset, including tokens and NFTs. The Particle protocol allows traders to borrow directly from liquidity pools at automated market makers (AMMs) with concentrated liquidity

Drift

Series A in 2023
Drift Protocol is a developer of a decentralized derivatives exchange that focuses on providing on-chain, cross-margined perpetual futures trading on the Solana blockchain. The platform aims to enhance the efficiency of trading futures through an upgraded decentralized system that features a new pegging mechanism. This innovation allows users to adjust liquidity based on market demand and open interest, thereby improving the overall trading experience. Drift Protocol's approach positions its exchange as a competitive option for margin trading within the decentralized finance space.

Kollider

Seed Round in 2022
Kollider is a company that develops tools and services aimed at making financial markets accessible to a global audience in a straightforward manner, leveraging Bitcoin's Lightning Network. It operates an online trading platform that facilitates the buying and selling of cryptocurrencies, allowing users to open and close positions directly from their digital wallets. This innovation is designed to enhance the trading experience for cryptocurrency investors, ultimately improving their potential return on investment.

Tapio Protocol

Seed Round in 2022
Tapio Protocol is a synthetic asset protocol that unifies different formats of staking and crowdloan derivatives into an efficient standard. Tapio is powered by the Stable Asset system, which enables efficient trading while minimizing risk by utilizing uniform, closely pegged assets with stable swaps and stable asset capabilities.

Uniswap Labs

Series B in 2022
Founded in 2018 by Hayden Adams, Uniswap Labs develops decentralized finance (DeFi) products. It specializes in creating user-friendly platforms for secure, peer-to-peer digital asset swapping, with a focus on accessibility and empowerment of liquidity providers and traders.

Yellow Card

Series B in 2022
Yellow Card operates a cryptocurrency platform that enables individuals and businesses to buy, sell, and manage digital assets using local currencies and mobile money across Africa. The platform functions as a crypto exchange and payments solution, offering over-the-counter trading, merchant services, currency exchange, and crypto gift cards. It provides an on/off ramp for stablecoins such as USDT, USDC, and PYUSD through a payments API, supporting secure, cost-effective transfers and borderless transactions. The company serves customers in numerous African countries and has facilitated billions of dollars in transactions, reflecting its role in promoting financial inclusion and access to digital finance. Founded in 2016 and active in the market, Yellow Card aims to simplify crypto access for individuals and businesses through a scalable, local-currency-first approach.

Inplay AI

Series A in 2022
Fully automated micro-markets, odds origination, and risk management.

Satori

Seed Round in 2022
Satori is a decentralized financial derivatives exchange tailored for both retail and institutional investors within the Polkadot ecosystem. The platform is designed to accommodate experienced traders, allowing them to leverage the potential of DOT through access to a dedicated derivatives environment. Satori collaborates with parachains, market makers, and retail users, facilitating a comprehensive trading experience that meets the demands of diverse market participants.

Bluefin

Venture Round in 2022
Bluefin operates a decentralized derivatives exchange that leverages innovative blockchain technology to facilitate access to global financial markets. The platform is designed for both novice and experienced traders, offering features such as leverage trading, short selling, and rapid trade settlement. By combining the security and transparency of decentralized systems with the efficiency and low costs typically associated with centralized exchanges, Bluefin aims to democratize trading for users worldwide. The company is supported by a group of prominent investors, enhancing its position in the competitive trading landscape.

CoinDCX

Series D in 2022
Founded in 2018, CoinDCX specializes in crypto-enabled financial services. It focuses on developing borderless financial services for simplified capital flow, offering powerful wallets and robust security. The company empowers traders with industry-first products tailored to individual trading experiences, risk tolerances, and frequencies. Its mission is to democratize finance and make investments accessible to everyone.

Structure

Seed Round in 2021
Structure is a global trading platform that facilitates crypto-based investing and lending, specifically designed for mobile users. The platform caters to investors of all experience levels, allowing them to easily trade assets in a secure and user-friendly environment. Structure enables participants to earn, borrow, and lend within the decentralized finance (DeFi) and cryptocurrency markets. With a focus on providing around-the-clock access and hands-on support, the company ensures that investors can diversify their portfolios in accordance with their investment objectives and risk tolerance.

Anoma

Series A in 2021
Anoma is a Zug-based Swiss company established in 2021. It develops an intent-centric, privacy-preserving protocol for decentralized counterparty discovery, solving, and multi-chain atomic settlement.

Saddle Finance

Series A in 2021
Saddle Finance is a financial technology company that operates an automated market maker (AMM) platform specifically designed for trading pegged value crypto assets. The platform facilitates trading by utilizing a tokenized bitcoin pool, which provides deep on-chain liquidity. This configuration allows traders to execute transactions with minimal slippage and low transaction fees, enhancing the efficiency of trading pegged assets. Through its innovative approach, Saddle Finance aims to optimize the trading experience for users engaged in the cryptocurrency market.

AscendEX

Series B in 2021
AscendEX is a global operator of digital asset exchanges catering to a diverse clientele, including both retail and institutional investors. The company has developed a comprehensive trading platform that facilitates the buying and selling of cryptocurrencies. Its offerings include access to financial derivatives, cash trading, margin trading, and later-stage leveraged trading on a variety of tokens. This robust platform enhances liquidity provision and presents growth opportunities within the cryptocurrency ecosystem for its users.

Sommelier

Series A in 2021
Sommelier is a decentralized finance platform built on the Cosmos Stargate SDK with a Tendermint-based consensus layer and a bi-directional Ethereum bridge, operated by a global network of validators. It enables liquidity providers to author and execute automated, complex financial transactions such as portfolio rebalancing and limit orders, offering features traditionally associated with centralized finance but within DeFi. The platform uses a modular protocol and decentralized governance to manage automated signature processes and cross-chain interactions, supporting secure, programmable trading and liquidity management.

Yellow Card

Series A in 2021
Yellow Card operates a cryptocurrency platform that enables individuals and businesses to buy, sell, and manage digital assets using local currencies and mobile money across Africa. The platform functions as a crypto exchange and payments solution, offering over-the-counter trading, merchant services, currency exchange, and crypto gift cards. It provides an on/off ramp for stablecoins such as USDT, USDC, and PYUSD through a payments API, supporting secure, cost-effective transfers and borderless transactions. The company serves customers in numerous African countries and has facilitated billions of dollars in transactions, reflecting its role in promoting financial inclusion and access to digital finance. Founded in 2016 and active in the market, Yellow Card aims to simplify crypto access for individuals and businesses through a scalable, local-currency-first approach.

Orca

Series A in 2021
Orca is a decentralized cryptocurrency exchange built on the Solana blockchain, facilitating instant token swaps with minimal transaction fees. The platform is designed to handle thousands of transactions per second, ensuring low latency and capital-efficient trading. Users can exchange tokens while receiving fair pricing and have the option to provide liquidity to trading pools, allowing them to earn a share of the trading fees generated on the platform.

Bluefin

Venture Round in 2021
Bluefin operates a decentralized derivatives exchange that leverages innovative blockchain technology to facilitate access to global financial markets. The platform is designed for both novice and experienced traders, offering features such as leverage trading, short selling, and rapid trade settlement. By combining the security and transparency of decentralized systems with the efficiency and low costs typically associated with centralized exchanges, Bluefin aims to democratize trading for users worldwide. The company is supported by a group of prominent investors, enhancing its position in the competitive trading landscape.

Kresko

Seed Round in 2021
Kresko develops an online capital platform for synthetic stocks, commodities, and crypto, with the goal of making wealth accessible on mobile. The company provides an asset protocol featuring a per-account data model that enables developers to integrate digital assets into applications and wallets, while improving capital efficiency, user experience, asset listing, and risk management. Its platform offers a unified DeFi experience that supports minting, swapping, pooling, and farming of assets, and includes portfolio health indicators to monitor risk. By building on its protocol, developers can deliver asset-backed functionality within their apps and wallets, expanding access to diverse digital assets and simplifying how users interact with them.

CoinDCX

Series C in 2021
Founded in 2018, CoinDCX specializes in crypto-enabled financial services. It focuses on developing borderless financial services for simplified capital flow, offering powerful wallets and robust security. The company empowers traders with industry-first products tailored to individual trading experiences, risk tolerances, and frequencies. Its mission is to democratize finance and make investments accessible to everyone.

Shipyard Software

Seed Round in 2021
Founded in 2021 and headquartered in San Francisco, Shipyard Software develops decentralized exchange (DEX) platforms for crypto traders. Its flagship product, Clipper DEX, caters to retail traders offering competitive pricing for trades under $50k. Longship, another key product, provides access to DeFi-native perpetual contracts with up to 100x leverage while mitigating toxic order flow.

SynFutures

Series A in 2021
SynFutures is a decentralized derivatives exchange that focuses on synthetic assets, facilitating the creation and trading of various digital asset pairs using a single digital token as collateral. The platform aims to establish an open and trustless derivatives market by allowing trading on any asset linked to a price feed. By promoting a free market environment and expanding the range of tradable assets, SynFutures seeks to lower the barriers to entry in the derivatives market, thereby fostering a more equitable digital assets exchange landscape for investors.

dYdX

Series C in 2021
Founded in 2017 by an ex-Coinbase engineer, dYdX is a leading decentralized exchange offering Perpetual, Margin, and Spot trading on Ethereum. It combines the security of a decentralized exchange with the speed and usability of a centralized one.

Matrixport

Series C in 2021
Matrixport is a comprehensive platform offering digital asset services, including trading, investing, leveraging, and secure custody for cryptocurrencies.

Overlay Foundation

Seed Round in 2021
Building Overlay, The Trade Everything Engine

Bluefin

Seed Round in 2021
Bluefin operates a decentralized derivatives exchange that leverages innovative blockchain technology to facilitate access to global financial markets. The platform is designed for both novice and experienced traders, offering features such as leverage trading, short selling, and rapid trade settlement. By combining the security and transparency of decentralized systems with the efficiency and low costs typically associated with centralized exchanges, Bluefin aims to democratize trading for users worldwide. The company is supported by a group of prominent investors, enhancing its position in the competitive trading landscape.

DFX Finance

Seed Round in 2021
DFX Finance is a decentralized finance exchange protocol on the Ethereum blockchain that enables the trading of fiat-backed stablecoins. It uses a tuned bonding curve and real-world price feeds to provide a structured, decentralized trading experience for stablecoins such as USDC, CADC, EURS, and XSGD, supporting a broad range of blockchain-powered DeFi applications.

Anoma

Funding Round in 2021
Anoma is a Zug-based Swiss company established in 2021. It develops an intent-centric, privacy-preserving protocol for decentralized counterparty discovery, solving, and multi-chain atomic settlement.

Parsec Finance

Seed Round in 2021
Parsec Finance is a decentralized finance (DeFi) and analytics platform established in 2020 by Will Sheehan, located in Concord, Massachusetts. The platform aims to deliver an experience akin to that of a professional brokerage account, but without the complexities associated with custody. Parsec Finance provides real-time data and insights through a comprehensive suite of tools, including charting, portfolio management, and risk assessment features. Additionally, it offers access to on-chain data and relevant news articles, empowering users to gain a deeper understanding of the DeFi market and make informed trading decisions. The platform targets traders and data-focused individuals looking for efficient and user-friendly resources in the evolving DeFi landscape.

dYdX

Series B in 2021
Founded in 2017 by an ex-Coinbase engineer, dYdX is a leading decentralized exchange offering Perpetual, Margin, and Spot trading on Ethereum. It combines the security of a decentralized exchange with the speed and usability of a centralized one.

Saddle Finance

Seed Round in 2021
Saddle Finance is a financial technology company that operates an automated market maker (AMM) platform specifically designed for trading pegged value crypto assets. The platform facilitates trading by utilizing a tokenized bitcoin pool, which provides deep on-chain liquidity. This configuration allows traders to execute transactions with minimal slippage and low transaction fees, enhancing the efficiency of trading pegged assets. Through its innovative approach, Saddle Finance aims to optimize the trading experience for users engaged in the cryptocurrency market.

Bluefin

Pre Seed Round in 2021
Bluefin operates a decentralized derivatives exchange that leverages innovative blockchain technology to facilitate access to global financial markets. The platform is designed for both novice and experienced traders, offering features such as leverage trading, short selling, and rapid trade settlement. By combining the security and transparency of decentralized systems with the efficiency and low costs typically associated with centralized exchanges, Bluefin aims to democratize trading for users worldwide. The company is supported by a group of prominent investors, enhancing its position in the competitive trading landscape.

CoinDCX

Series B in 2020
Founded in 2018, CoinDCX specializes in crypto-enabled financial services. It focuses on developing borderless financial services for simplified capital flow, offering powerful wallets and robust security. The company empowers traders with industry-first products tailored to individual trading experiences, risk tolerances, and frequencies. Its mission is to democratize finance and make investments accessible to everyone.

Polymarket

Seed Round in 2020
Polymarket is a prediction market platform that enables users to wager real money on the outcomes of debated current events. The service operates on blockchain technology, primarily Ethereum, with additional use of the Polygon network to improve scalability and reduce transaction costs. Participants connect through an Ethereum-compatible wallet and place bets using the USDC stablecoin on topics such as politics, healthcare, economics, and other areas where public discussion centers on likely outcomes. The platform transforms speculative activity into market-based insights by allowing users to express expectations about future events and realize gains or losses based on actual results.

Yellow Card

Seed Round in 2020
Yellow Card operates a cryptocurrency platform that enables individuals and businesses to buy, sell, and manage digital assets using local currencies and mobile money across Africa. The platform functions as a crypto exchange and payments solution, offering over-the-counter trading, merchant services, currency exchange, and crypto gift cards. It provides an on/off ramp for stablecoins such as USDT, USDC, and PYUSD through a payments API, supporting secure, cost-effective transfers and borderless transactions. The company serves customers in numerous African countries and has facilitated billions of dollars in transactions, reflecting its role in promoting financial inclusion and access to digital finance. Founded in 2016 and active in the market, Yellow Card aims to simplify crypto access for individuals and businesses through a scalable, local-currency-first approach.

DerivaDEX

Seed Round in 2020
DerivaDEX is a community-governed derivatives exchange designed to combine performance and autonomy with the security of a decentralized platform. It operates on the Ethereum blockchain, utilizing an innovative liquidity-mining token model that empowers users to engage in the exchange's governance and operations. By incorporating an open order book and on-chain settlements, DerivaDEX facilitates efficient trading while ensuring transparency and security. The exchange aims to establish itself as a next-generation trading platform by leveraging trusted hardware and enhancing decentralization at its foundational level.

CoinDCX

Series A in 2020
Founded in 2018, CoinDCX specializes in crypto-enabled financial services. It focuses on developing borderless financial services for simplified capital flow, offering powerful wallets and robust security. The company empowers traders with industry-first products tailored to individual trading experiences, risk tolerances, and frequencies. Its mission is to democratize finance and make investments accessible to everyone.

CoinDCX

Series A in 2020
Founded in 2018, CoinDCX specializes in crypto-enabled financial services. It focuses on developing borderless financial services for simplified capital flow, offering powerful wallets and robust security. The company empowers traders with industry-first products tailored to individual trading experiences, risk tolerances, and frequencies. Its mission is to democratize finance and make investments accessible to everyone.

Matrixport

Venture Round in 2019
Matrixport is a comprehensive platform offering digital asset services, including trading, investing, leveraging, and secure custody for cryptocurrencies.

CoinList

Venture Round in 2019
CoinList is a leading platform in the digital finance sector, focused on facilitating the launch and growth of innovative digital assets. The company provides a comprehensive token distribution service that connects blockchain projects with potential investors prior to their asset listings on other exchanges. CoinList supports various stages of crypto investment, including token sales, distribution, trading, lending, staking, and access to decentralized finance opportunities. Users can trade and store a wide range of cryptocurrencies, including Bitcoin and Ether, through its mobile app and website, CoinList.co. The platform caters to a diverse clientele, including validators, miners, founders, CEOs, and crypto enthusiasts, ensuring they have access to new tokens and crypto-specific services. CoinList's mission is to be the most trusted brand in digital finance while expanding access for early adopters and fostering innovation within the cryptocurrency ecosystem.

CoinFLEX

Venture Round in 2019
CoinFLEX is a cryptocurrency derivatives exchange and yield platform that specializes in trading crypto assets, including Bitcoin. The company offers a physically delivered crypto futures exchange designed to address shortcomings in cash-settled contracts, allowing for high leverage trading that minimizes risks associated with index or settlement manipulation. CoinFLEX provides innovative yield products, notably flexUSD, the first interest-earning stablecoin, and AMM+, an automated market maker that emphasizes capital efficiency. The platform aims to streamline and secure the trading and management processes for professional proprietary trading firms, hedge funds, and institutions operating in the cryptocurrency sector. Backed by notable figures and institutions in the crypto industry, CoinFLEX is committed to enhancing the trading experience in global cryptocurrency markets.

CoinFLEX

Seed Round in 2019
CoinFLEX is a cryptocurrency derivatives exchange and yield platform that specializes in trading crypto assets, including Bitcoin. The company offers a physically delivered crypto futures exchange designed to address shortcomings in cash-settled contracts, allowing for high leverage trading that minimizes risks associated with index or settlement manipulation. CoinFLEX provides innovative yield products, notably flexUSD, the first interest-earning stablecoin, and AMM+, an automated market maker that emphasizes capital efficiency. The platform aims to streamline and secure the trading and management processes for professional proprietary trading firms, hedge funds, and institutions operating in the cryptocurrency sector. Backed by notable figures and institutions in the crypto industry, CoinFLEX is committed to enhancing the trading experience in global cryptocurrency markets.

Anchorage Digital

Series A in 2019
Anchorage Digital is a regulated crypto platform that provides institutions with integrated custody, trading, staking, governance, and regulatory-compliance infrastructure for digital asset programs. Founded in 2017 and headquartered in San Francisco, it serves institutional clients globally with a secure, compliant framework and services designed to simplify oversight and asset management.

Coinbase Global

Series E in 2018
Coinbase Global, established in 2012, operates a leading cryptocurrency exchange platform in the United States. The company facilitates transactions, buying, selling, and storage of digital currencies such as Bitcoin, Ethereum, and Litecoin for both consumers and merchants. Coinbase offers a range of products including Coinbase.com, a user-friendly platform for bitcoin transactions, a global digital asset exchange, merchant tools, and custodial services. The company, headquartered in San Francisco, California, aims to provide a safe and regulation-compliant entry point into the cryptocurrency economy.

dYdX

Series A in 2018
Founded in 2017 by an ex-Coinbase engineer, dYdX is a leading decentralized exchange offering Perpetual, Margin, and Spot trading on Ethereum. It combines the security of a decentralized exchange with the speed and usability of a centralized one.

CoinList

Series A in 2018
CoinList is a leading platform in the digital finance sector, focused on facilitating the launch and growth of innovative digital assets. The company provides a comprehensive token distribution service that connects blockchain projects with potential investors prior to their asset listings on other exchanges. CoinList supports various stages of crypto investment, including token sales, distribution, trading, lending, staking, and access to decentralized finance opportunities. Users can trade and store a wide range of cryptocurrencies, including Bitcoin and Ether, through its mobile app and website, CoinList.co. The platform caters to a diverse clientele, including validators, miners, founders, CEOs, and crypto enthusiasts, ensuring they have access to new tokens and crypto-specific services. CoinList's mission is to be the most trusted brand in digital finance while expanding access for early adopters and fostering innovation within the cryptocurrency ecosystem.

Ren

Initial Coin Offering in 2018
Ren is an open protocol that facilitates the transfer of value between different blockchains, enhancing interoperability within decentralized finance (DeFi). Its primary product, RenVM, supports multi-chain operations and allows for large-volume cryptocurrency trading through hidden order books. This infrastructure is designed to enable traders to execute private and cross-chain trades while minimizing market impact. Founded in 2007 and based in Singapore, Ren aims to provide a decentralized dark pool exchange protocol that allows for atomic swaps between cryptocurrency pairs on the Bitcoin and Ethereum blockchains, ensuring that order details remain confidential.

dYdX

Seed Round in 2017
Founded in 2017 by an ex-Coinbase engineer, dYdX is a leading decentralized exchange offering Perpetual, Margin, and Spot trading on Ethereum. It combines the security of a decentralized exchange with the speed and usability of a centralized one.

Polkadot

Initial Coin Offering in 2017
Polkadot is an interoperability protocol that enables independent blockchains to securely exchange data and assets. It facilitates communication between these chains, enforcing message order and validity, and offers scalability by supporting multiple state machines.
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