KEY POINTS
- The latest funding round was led by Binance Labs, Breyer Capital, and Big Brain Holdings
- The Hemi Network merges the best capabilities of both Bitcoin and Ethereum
- Hemi Labs was co-founded by Jeff Garzik, a core $BTC developer and close collaborator of Satoshi Nakamoto
Hemi Labs today announced it raised $15 million in an investment round led by Binance Labs, Breyer Capital and Big Brain Holdings. The funding marks a significant milestone in Hemi's development of the modular blockchain Hemi Network, which is powered by both Bitcoin and Ethereum.
Hemi is a modular blockchain network that's designed for superior scaling, security, and interoperability. It unifies Bitcoin and Ethereum as components of a single supernetwork, ultimately allowing users to move their assets between the Bitcoin and Ethereum networks with ease through Hemi's Tunnels.
Bridging the gap in earlier attempts
There have been earlier attempts to integrate and scale the recognized "king and queen of crypto." However, such attempts have resulted in a fractured ecosystem due to the systems leaning toward addressing problems within the respective Bitcoin and Ethereum communities.
Hemi enters the picture with a unique approach. By approaching Bitcoin and Ethereum as components of a larger supernetwork, Hemi brings out the best capabilities of both networks, enabling 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.
Hemi is led by lead architect Max Sanchez and co-founder Jeff Garzik, a Bitcoin core developer and a close collaborator of Satoshi Nakamoto, the creator of the BTC white paper.
In this video, @jgarzik looks back at his early efforts to bring Bitcoin into everyday life and his hopes for its future.
— Hemi Network (@hemi_xyz) September 17, 2024
From asking local businesses to accept Bitcoin to navigating governmental resistance, Jeff shares his journey from youthful idealism to confidence in… pic.twitter.com/nerHHO8WSu
"The excitement for what we are building is reflected in the quality and enthusiasm of our investors and ecosystem partners. 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," Garzik said in a press release shared with International Business Times.
The blockchain that combines BTC and ETH powers
Hemi's backers are just as excited about the work around the modular blockchain, whose incentivized testnet is now live.
"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.
Join our incentivized testnet and start earning rewards for your participation!
— Hemi Network (@hemi_xyz) September 16, 2024
Every eligible activity you complete will contribute to your points total.
Give testnet a spin: https://t.co/QpprDKNE0D pic.twitter.com/ilZP5z7fkN
Ted Breyer of Breyer Capital said the team around Hemi has a "clear and compelling vision for unlocking the programmability, portability, and potential of Web3," making them capable and uniquely positioned to deliver a supernetwork that will transform the way consumers engage with their BTC and ETH.
Breyer Capital was an early backer of Spotify, Facebook, and Circle, which launched the stablecoin USDC.
Sam Kim of Big Brain Holdings – a leading Web3 fund with investments in Solana, among others – said Hemi is not just bridging the two giant networks in the blockchain ecosystem, but it is providing the world with "a supernetwork that most elegantly marries the capabilities of both."
Hemi Labs is targeting a Q4 2024 mainnet launch. Other investors in the latest funding round are Crypto.com, Gate Ventures, Cypher Capital, Alchemy, HyperChain, Artichoke Capital, and many more.
