Hemi Labs Raises $15 Million to Launch Advanced Modular Blockchain Network Powered by Bitcoin and Ethereum

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CHICAGO--(BUSINESS WIRE)--Sep 18, 2024--

Hemi Labs has announced a $15 million investment round to develop and launch the Hemi Network (“ Hemi ”). Hemi is a modular blockchain network built on Bitcoin and Ethereum, designed to deliver superior scaling, security, and interoperability.

The Hemi incentivized testnet is now live, and its mainnet launch is targeted for Q4 2024.

“We look forward to supporting Hemi Labs as they work on important infrastructure that connects Bitcoin and Ethereum in a modular and scalable way. Hemi's approach aligns with our commitment to backing projects that are focused on building practical, decentralized solutions with long-term potential," said Alex Odagiu, Investment Director at Binance Labs.

“The Hemi team has a clear and compelling vision for unlocking the programmability, portability, and potential of Web3. With a distinguished track record, they are uniquely positioned to deliver,” said Ted Breyer at Breyer Capital.

“Hemi is transforming how Bitcoin and Ethereum interact, and not merely providing a bridge between the two largest networks in the blockchain ecosystem, but a supernetwork that most elegantly marries the capabilities of both,” said Sam Kim at Big Brain Holdings.

"Watching Hemi build its testnet and progress towards mainnet has given me confidence in the team's skills and abilities," said Stelian Balta, Founder of HyperChain Capital. "Their product is well-engineered, technically impressive, and most importantly, it works."

Uniting the King and Queen of Crypto

Attempts to integrate and scale Bitcoin and Ethereum have tended to address the problem within their respective communities, resulting in a fractured ecosystem. Hemi instead approaches Bitcoin and Ethereum as components of a larger supernetwork. This surfaces the best capabilities of both networks and, in turn, enables a new class of previously unattainable blockchain applications.

Hemi’s core features include:

• Hemi Virtual Machine (hVM): Integrates a full Bitcoin node within an Ethereum Virtual Machine (EVM), allowing developers to use familiar tools to build smart contracts that work with both Bitcoin and Ethereum, while maintaining full backwards-compatibility with existing EVM dApps and wallets.
• Bitcoin Programmability: The Hemi Bitcoin Kit (hBK) unlocks direct smart contract access to granular Bitcoin state, enabling truly trustless Bitcoin-native applications like staking, lending markets, and MEV marketplaces, which were previously impractical.
• Superfinality: Hemi’s Proof-of-Proof (PoP) consensus inherits Bitcoin’s full security in an entirely decentralized and permissionless manner, and efficiently provides Bitcoin-security-as-a-Service to other blockchain networks.
• Trustless Cross-Chain Portability: Hemi’s Tunnels provide a secure way to move assets between chains, vastly improving upon traditional bridge methods.
• Asset Programmability: Features include on-chain routing, time-lock, password protection, and gasless transfers, enabling seamless asset movement without requiring native chain currency.

“The excitement for what we are building is reflected in the quality and enthusiasm of our investors and ecosystem partners," said Jeff Garzik, an early Bitcoin developer and co-founder of Hemi Labs. “They understand the uniqueness and value of Hemi’s approach to scaling and integrating the two leading blockchain networks, adding to the phenomenal growth and energy in this particular area.”

To Learn More

Website: https://hemi.xyz

Blog: https://hemi.xyz/blog/

GitHub: https://github.com/HemiLabs

Docs: https://docs.hemi.xyz

Discord: https://discord.gg/hemixyz

Twitter/X: https://x.com/hemi_xyz

Telegram: https://t.me/hemi_community

LinkedIn: https://www.linkedin.com/company/hemi-labs/

About Hemi

The Hemi Network (“Hemi”) is a modular blockchain powered by Bitcoin and Ethereum that provides superior scaling, security, and interoperability. Hemi views Bitcoin and Ethereum as components of a broader supernetwork, unlocking new levels of programmability, portability, and potential. Hemi Labs is a leading developer of Web3 infrastructure and tooling, founded by renowned Bitcoin developer Jeff Garzik, and blockchain security pioneer Max Sanchez. Learn more at https://hemi.xyz/.

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SOURCE: Hemi Labs

Copyright Business Wire 2024.

PUB: 09/18/2024 09:05 AM/DISC: 09/18/2024 09:06 AM

http://www.businesswire.com/news/home/20240917913695/en