Hemi Labs Raises $15M to Create ‘Supernetwork’ Merging Bitcoin and Ethereum
Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.
Hemi Labs, the brainchild of former Bitcoin core developer Jeff Garzik, announced on September 18 that it raised $15 million in a funding round to develop its new blockchain network, Hemi.
Binance Labs, Breyer Capital, and Big Brain Holdings led the first fundraising round, backing plans to combine the powers of Bitcoin and Ethereum into one “supernetwork.”
The Hemi team is proud to announce the closing of its $15M strategic seed round, led by @binancelabs, @breyercap, and @BigBrainVC. Excited for what's to come!https://t.co/E1zxMW6VqC #bitcoin #ethereum pic.twitter.com/P4T1apIE3j
Co-founder Max Sanchez said the company plans to use these funds to expand Hemi’s engineering team, add more Bitcoin interoperability features, and offer developers advanced customizability, incentivization, grants, and community adoption.
Hemi Labs seeks to tackle a multi-billion dollar problem in the DeFi space, addressing the $2.8 billion lost in DeFi bridge hacks by 2024. The company opposes centralized bridges that “reintroduce trust into a supposedly trustless system,” the firm added in an X thread.
The Hemi Bitcoin Kit (hBK) is another innovation from Hemi Labs, designed to enable developers to work with Bitcoin more effectively.
This kit unlocks features such as trustless smart contracts and decentralized financial products, which were previously difficult to implement directly on the Bitcoin network.
With the hBK, developers can create applications like Bitcoin (re)staking, Bitcoin-enabled lending markets, and democratized Bitcoin Miner Extractable Value
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