The multi-strategy cryptocurrency investment company Cypher Capital has revealed that it is a part of a $15 million initial fundraising round for Hemi Labs, a modular blockchain network that unifies Ethereum and Bitcoin. Using funds from Cypher Capital, Hemi Labs will utilize the funding to develop and introduce the Hemi Network, advancing blockchain technology and improving interoperability via the creation of a unified supernetwork.
The round follows the recent launch of Hemi’s incentivized testnet and its planned mainnet launch in Q4 2024. Many investors have participated, including SNZ Holding, Binance, Breyer Capital, Big Brain Holdings, Crypto.com, HyperChain Capital, Alchemy, SALT Fund, Kelly Capital, Sunflower Capital, DNA Fund, Web3 Ventures, Quantstamp, TRGC, UTXO, Artichoke Capital, SV5, Impossible Finance, Jihan Wu (Bitdeer), and George Burke (Portal).
Vineet Budki, CEO of Cypher Capital stated:
“Hemi Labs is at the forefront of blockchain interoperability. Their approach to integrating Bitcoin and Ethereum into a cohesive supernetwork addresses key scalability and security challenges, and our investment aligns with their mission to transform blockchain infrastructure and unlock new possibilities for decentralized applications.”
Hemi Labs is developing a unified supernetwork, in contrast to previous attempts to integrate Bitcoin and Ethereum inside their own ecosystems. Hemi Network will include the Hemi Virtual Machine (hVM), which integrates an Ethereum Virtual Machine (EVM) with a complete Bitcoin node, enabling developers to create cross-chain smart contracts using well-known tools and guaranteeing compatibility with current EVM wallets and dApps. For sophisticated Bitcoin-native applications like staking and lending markets, the Hemi Bitcoin Kit (hBK) enables direct smart contract access to granular Bitcoin state.
Additionally, the network has achieved Superfinality because of Hemi’s Proof-of-Proof (PoP) consensus mechanism, which guarantees decentralized, permissionless security on par with Bitcoin and offers other blockchain networks Bitcoin security as a service. Hemi’s Tunnels will enhance conventional bridge methods by providing trustless cross-chain portability. Hemi will also include password protection, time-lock, on-chain routing, and gasless transfers for smooth asset transfers without requiring native chain currencies.
Jeff Garzik, Co-founder of Hemi Labs stated:
“The quality and enthusiasm of our investors and partners reflect the groundbreaking nature of what we are building. We are well positioned to advance blockchain technology by creating a supernetwork that marries the capabilities of Bitcoin and Ethereum, and Cypher Capital’s support is crucial to that success as they share our vision for the ecosystem.”
