- Hemi combines Bitcoin and Ethereum into a modular blockchain supernetwork.
- Hemi’s mainnet launch is expected for Q4 2024, and it will provide unique cross-chain solutions.
Cypher Capital, a multi-strategy cryptocurrency investment firm, has announced that it will lead a $15 million seed funding round for Hemi Labs, a blockchain infrastructure developer seeking to unite Bitcoin and Ethereum via a modular blockchain network. The money will help to accelerate the construction of the Hemi Network, which aims to improve blockchain interoperability by forming a cohesive supernetwork.
Crafting a Cross-Chain Future
With its Hemi Network, Hemi Labs is at the forefront of blockchain interoperability, integrating the Bitcoin and Ethereum ecosystems. This network will offer the Hemi Virtual Machine (hVM), which will let developers to create cross-chain smart contracts using familiar Ethereum tools while remaining compatible with Bitcoin.
Hemi’s Proof-of-Proof (PoP) consensus process provides “Superfinality,” which guarantees Bitcoin-level security for other blockchains in a decentralized and permissionless manner. The network’s Tunnels feature promises trustless cross-chain mobility, which is a significant advance over traditional bridges.
According to Cypher Capital CEO Vineet Budki, Hemi Labs is addressing key scalability and security challenges by merging Bitcoin and Ethereum into a cohesive supernetwork, transforming blockchain infrastructure.
The Hemi Network is set to deploy its mainnet in Q4 2024, following a successful incentive testnet. Hemi Labs will also provide advanced Bitcoin-native apps such as staking and lending, all underpinned by Bitcoin’s state data.
Binance Labs, Breyer Capital, and HyperChain Capital are among the key investors who believe Hemi’s novel approach to bridging the gap between the two major blockchain ecosystems is promising. Jeff Garzik, co-founder of Hemi Labs, underscored the investors’ support, stating that they believe Hemi has the ability to revolutionize blockchain scaling.
Jeff Garzik, co-founder of Hemi Labs, noted the importance of the money, saying, Our partnership with Cypher Capital and others ensures we can advance blockchain technology by creating a supernetwork that integrates Bitcoin and Ethereum.
Hemi Labs, backed by industry experts, is well-positioned to reclaim the blockchain market, providing developers and users with a more scalable, secure, and interoperable ecosystem.
