Modular Blockchain Network Funded by $15 Million Hemi Labs Investment
Hemi Network Unites Bitcoin and Ethereum in a $15 Million Funding Round
In a significant move towards unifying the two leading blockchain networks, Hemi Labs has announced the successful completion of a $15 million investment round. The funding will be used to accelerate the development of the Hemi Network, a modular Layer-2 blockchain solution designed to seamlessly integrate Bitcoin and Ethereum.
The Hemi Network, with its innovative approach, aims to overcome the traditional competition narrative between Bitcoin and Ethereum by creating a single, interoperable system. This system is expected to leverage the strengths of both blockchains, enhancing scalability and usability in the Web3 ecosystem.
The investment round was led by Binance Labs, Breyer Capital, and Big Brain Holdings, with participation from a diverse group of prominent investors such as Crypto.com, Web3 Ventures, HyperChain Capital, Alchemy, SALT Fund, Kelly Investments, Sunflower Capital, DNA Fund, Gate Ventures, Quantstamp, TRGC, BTC INC, Artichoke Capital, Cypher Capital, SNZ Holding, C6E, IBG Capital, Protein Capital, MON Ventures, SV5, and Impossible Finance.
Jihan Wu (Bitdeer), George Burke (Portal), and Sonny Singh (Beluga) also joined as angel investors.
Ted Breyer at Breyer Capital highlighted the Hemi team's "clear and compelling vision for unlocking the programmability, portability, and potential of Web3" as a reason for investing in the company. Alex Odagiu, Investment Director at Binance Labs, commented on the investment, stating that Hemi's approach aligns with their commitment to backing projects focused on building practical, decentralized solutions with long-term potential.
Sam Kim at Big Brain Holdings stated that Hemi is transforming the interaction between Bitcoin and Ethereum by creating a supernetwork that elegantly combines the capabilities of both. Jeff Garzik, an early Bitcoin developer and co-founder of Hemi Labs, expressed support for Hemi's approach to scaling and integrating the two leading blockchain networks.
The Hemi Network went live with the launch of the investment round, and a mainnet rollout for the Hemi Network is scheduled for the fourth quarter. The Hemi Network leverages components of both the Bitcoin blockchain and the Ethereum network, with the Hemi Virtual machine (hVM) integrating a full Bitcoin node within an Ethereum Virtual Machine (EVM).
The Hemi Bitcoin Kit (hBK) provides direct smart contract access to granular Bitcoin state, enabling Bitcoin programmability. Developers can use familiar tools to build smart contracts that work with both Bitcoin and Ethereum on the Hemi Network.
With this investment, Hemi Labs is poised to play a significant role in the Web3 landscape, focusing on combining the two leading blockchains rather than treating them as competitors. The Hemi Network's unique approach to interoperability could pave the way for a more unified and scalable Web3 ecosystem.
The Hemi Network, with its unique interoperability features, could pave the way for a more unified Web3 ecosystem, leveraging the strengths of both Bitcoin and Ethereum in finance, technology, and investing. The successful $15 million funding round, led by notable investors in the tech and cryptocurrency space, aims to accelerate the development of this groundbreaking solution in the Web3 ecosystem.
