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Polymorphic Capital

Limassol, Cyprus

Overview

Polymorphic Capital is the application-centric Web3 VC, with a keen focus on fostering practical use cases that build upon Web3's infrastructure. Polymorphic offers long-term support to exceptional teams around the world that leverage Web3's innovative technology and foundational principles to drive significant transformations across extensive markets

Total investments
22
Lead investments
4
Investments · 12mo
2
Active investors
3

Sector focus

  • Blockchain
  • Cryptocurrency
  • Finance
  • Financial Services
  • Venture Capital
  • Web3
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Investment portfolio

  • Zynk

    Participated · Seed · Nov 2025

    Zynk is developing a blockchain-based payment infrastructure that enables instant international settlements without requiring pre-funded liquidity, targeting use cases such as fintech apps, remittance providers, trading platforms, neobanks, payroll systems, and other B2B payment processors. Its platform currently supports transactions across USD, EUR, AED, INR, MXN, and PHP corridors, and it earns revenue by charging fees tied to transaction volume and liquidity usage. Founded in April 2025 by Prashanth Swaminathan, Manish Bhatia, and Abhishek Pitti, the company operates out of Hyderabad. Since a quiet launch earlier this year, Zynk reports 70% month-on-month growth. With the fresh capital, the team plans to widen corridor coverage, bolster compliance and security, and secure partnerships with global banks and payment institutions. These initiatives aim to solidify Zynk’s position as the backbone for real-time, cross-border money movement. The company has not publicly disclosed revenue figures but positions its rapid growth trajectory and expanding corridor network as key indicators of traction.

  • Kredete

    Participated · Series A · Sep 2025

    Kredete, founded in 2023 by serial entrepreneur Adeola Adedewe, operates a fintech platform that links cross-border remittances with a proprietary credit-building system aimed at African immigrants. Its consumer app lets users send money to more than 30 African countries and simultaneously report those transactions to boost credit scores in the United States and other markets. The company says it has attracted over 700,000 monthly users, processed $500 million in remittances, and lifted users’ U.S. credit scores by an average of 58 points. Beyond retail services, Kredete offers businesses an API layer that uses stablecoin rails for real-time, low-cost payouts across Africa. The roadmap includes launching Africa’s first stablecoin-backed credit card usable in 41 African countries, plus new products such as rent reporting, credit-linked savings, goal-based lending, and USD/EUR interest-bearing accounts. The firm is also building what it calls the continent’s largest aggregation layer of banks and wallets to provide one API for payouts. Recent funding will support geographic expansion into Canada, the UK, and additional European markets. Total funding to date stands at $24.75 million.

  • TACEO

    Participated · Seed · Jul 2025

    TACEO develops software that creates a “Private Shared State,” letting parties compute on encrypted data without centralized trust. Its core cryptographic technique, coSNARKs, combines Multiparty Computation (MPC) and Zero‑Knowledge Proofs (ZK) to verify outcomes without revealing inputs. The company was founded by cryptography researchers from Graz University of Technology and has real‑world deployments, including iris verification used by World (formerly Worldcoin). That World deployment keeps biometric data for over 14 million people encrypted and represents the largest known MPC‑secured dataset. TACEO was selected for the a16z CSX accelerator in 2024 and says it will expand use cases beyond crypto and DeFi into identity verification, financial services, and AI. The new capital will be used to grow the team and scale the technology.

  • Due

    Participated · Seed · Jul 2025

    Due provides a seamless, embeddable API and borderless account that lets businesses send, receive, and settle fiat and stablecoin transactions through a single integration. Its platform offers real-time FX and settlement across 80+ markets via an integrated network of local payment rails, liquidity providers, and blockchain infrastructure. Due routes transactions through stablecoins and on-chain networks when possible, claiming mid-market FX rates and cost reductions of up to 90% versus traditional banking. The company targets fintech builders—payments platforms, payroll systems, wallets, and neobanks—by embedding cross-border infrastructure directly into customer platforms. Due plans to scale its Global Stablecoin APIs, expand payment-rail and currency coverage to 100+ countries by year-end, and launch invoicing, cards, and yield accounts. The business is London-based, was founded by Revolut alumni, and has extended its seed funding to a total of $7.3 million. Due provides a stablecoin and blockchain-based payments platform that connects domestic payment rails via open, interoperable blockchain protocols. Its web platform lets customers open borderless accounts and send/receive payments across 50+ markets using local payment methods. The company offers multi-currency accounts, global transfers/remittances and merchant acquiring for businesses and individuals. Due is built on Ethereum and multiple scaling solutions (Arbitrum, Base, OP, with Starknet and zkSync coming soon). It plans to launch in November focused on corridors between the United States, Europe, the UK and Sub-Saharan Africa, with expansion into Latin America and Asia-Pacific slated for Q1 2024. The company is also working to integrate digitised real-world assets (e.g., tokenised US Treasuries) to broaden access to treasury and yield-bearing assets; it will use the new funding to further develop its technology and expand fiat connectivity to more markets.

  • Freename

    Participated · Series A · Jul 2025

    Freename combines traditional DNS and blockchain capabilities to enable domains that resolve to IPs, wallet addresses, smart contracts, and on-chain reputations. Its platform supports major blockchains such as Polygon and Solana and works through standard browsers via a proprietary resolution protocol for Web2–Web3 interoperability. The company offers collision management to resolve duplicate domain names across blockchains and lets users create and monetize custom top-level domains. Freename aims to improve blockchain metadata and bridge conflicts between IP and wallet addresses to unify digital identity ecosystems. It recently closed a $6.5M Series A and plans to use the funds to drive product innovation, expand globally, and further unify Web2 and Web3 identity systems. The company emphasizes a strong regulatory posture and intends to enable regulated handling of wallet-address resolution while preparing additional products for release. Freename provides infrastructure for Web3 domains, allowing users to register and mint TLDs and SLDs on multiple blockchains for uses such as crypto payments, web2 and web3 email, browsing traditional sites, and building decentralized websites. The platform lets participants earn royalties and offers options to trademark Web3 TLDs and domains to protect identity. Freename has issued more than 5,000 Web3 TLDs to date and is growing its team and community. The company is moving toward interoperability to converge Web3 with Web2 and improve the user experience. Management says the recent seed funding will help accelerate those interoperability and product goals. Freename was founded in 2021 in Wollerau (Kanton Schwyz).

Team

  • Richard Sobel

    Partner, Strategic Development

    LinkedIn
  • Vitaly Spassky

    Managing Partner

    LinkedIn
  • Eldar Khamitov

    Partner, Portfolio Development

    LinkedIn