search
Homeweb3.0Hemi Labs Raises $15M to Build a 'Supernetwork' Integrating Bitcoin and Ethereum

Hemi Labs Raises $15M to Build a 'Supernetwork' Integrating Bitcoin and Ethereum

Sep 19, 2024 am 03:49 AM
bitcoin Ethereum Funding Supernetwork

The start-up co-founded by former Bitcoin core developer Jeff Garzick aims to create a new “supernetwork” that integrates the capabilities of both Bitcoin and Ethereum.

Hemi Labs Raises M to Build a 'Supernetwork' Integrating Bitcoin and Ethereum

Start-up Hemi Labs, co-founded by former Bitcoin core developer Jeff Garzick, has successfully closed its initial funding round, securing a total of $15 million. The investment was spearheaded by Binance Labs, joined by Breyer Capital and Big Brain Holdings, as reported by Fortune.

Hemi Labs is embarking on a mission to create a "supernetwork" that seamlessly integrates the capabilities of Bitcoin and Ethereum. This venture aims to fill a critical gap in blockchain technology by enabling direct interaction between these two major cryptocurrency ecosystems.

Launched in July at the Bitcoin Conference in Nashville, Hemi Labs unveiled its technology that operates within the Ethereum Virtual Machine (EVM). This development will pave the way for Ethereum's smart contracts to directly interact with Bitcoin.

According to the report, this advancement could fundamentally transform how these cryptocurrencies communicate and function together. Co-founder Max Sanchez, who previously participated in Garzick's incubator program at Bloq, highlighted that the funding will be primarily utilized to expand Hemi's engineering team and enhance its Bitcoin interoperability features.

Moreover, the company aims to provide developers with advanced customization options, along with incentives, grants, and initiatives to boost community engagement. While Sanchez refrained from disclosing the company's valuation, he expressed optimism regarding the potential of Hemi's technology.

Sanchez's background includes co-founding VeriBlock, where he was responsible for developing a consensus mechanism known as Proof-of-Proof. Despite VeriBlock not achieving its intended success, Sanchez has managed to integrate aspects of that technology into Hemi Labs.

Hemi Labs' Vision For Web3

According to the report, Hemi Labs has garnered significant interest from web developers and computer scientists, but Sanchez is hopeful that its appeal will extend to a broader audience. He envisions Hemi as "an ideal platform" for anyone interested in decentralized finance (DeFi) utilizing Bitcoin and Ethereum assets.

Interestingly, Hemi Labs is not the first venture to attempt to bridge the Bitcoin-Ethereum divide. Earlier this year, start-ups ByBit Web3 and Ignition announced a partnership to create a DeFi solution integrating the two cryptocurrencies.

However, Sanchez believes Hemi stands apart due to its use of "newer technology that transcends the boundaries of the individual blockchain communities.”

The funding round also attracted investments from a diverse group of backers, including Crypto.com, Web3 Ventures, Hyperchain Capital, Alchemy, and SALT Fund, among others.

Ted Breyer, an early investor in social media giants Facebook and Spotify, commented on Hemi Labs' potential, stating:

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.

At the time of writing, the largest cryptocurrency on the market, Bitcoin, is trading at $59,650, down over 1% after hitting a three-week high of $61,200 on Tuesday. Ethereum, on the other hand, is trading at $2,300, also down over 2% in the 24-hour time frame.

Featured image from DALL-E, chart from TradingView.com

The above is the detailed content of Hemi Labs Raises $15M to Build a 'Supernetwork' Integrating Bitcoin and Ethereum. For more information, please follow other related articles on the PHP Chinese website!

Statement
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
Tether's Gold-Backed Crypto XAUT Hits Record High Amid Investor SurgeTether's Gold-Backed Crypto XAUT Hits Record High Amid Investor SurgeApr 29, 2025 am 11:26 AM

Tether's gold-backed token, XAUT, has released its first official attestation, confirming it is backed by over 246500 ounces of gold

Sens. Adam Schiff and Elizabeth Warren Demand Investigation into Trump's Meme Coin DinnerSens. Adam Schiff and Elizabeth Warren Demand Investigation into Trump's Meme Coin DinnerApr 29, 2025 am 11:24 AM

Sens. Adam Schiff (D-CA) and Elizabeth Warren (D-MA) said the dinner proved Trump may be engaging in “pay-to-play corruption.”

BlockDAG (BDAG) Raises Over $219.5M, Prepares for ETHPanama and Events in SingaporeBlockDAG (BDAG) Raises Over $219.5M, Prepares for ETHPanama and Events in SingaporeApr 29, 2025 am 11:22 AM

Crypto discussions are heating up again with Dogecoin (DOGE), Binance Coin (BNB), and BlockDAG (BDAG) taking different paths. The DOGE price is stuck just under $0.17

MANTRA Burns 150 Million OM Tokens to Boost StabilityMANTRA Burns 150 Million OM Tokens to Boost StabilityApr 29, 2025 am 11:20 AM

After facing a tough month with a 90% price dip, MANTRA has moved to stabilize its economy by initiating a major token burn.

Meme Coin FloppyPepe (FPPE) Could See a Jaw-Dropping 7,400% SurgeMeme Coin FloppyPepe (FPPE) Could See a Jaw-Dropping 7,400% SurgeApr 29, 2025 am 11:18 AM

In the ever-changing world of cryptocurrency, investors are constantly on the lookout for the next big opportunity. While XRP has long been a favorite

title: Tether Reveals It Holds $770M in Gold Bullion Backing Its XAUT Stablecointitle: Tether Reveals It Holds $770M in Gold Bullion Backing Its XAUT StablecoinApr 29, 2025 am 11:16 AM

Tether, the company behind several leading cryptocurrency stablecoins, including USDT, announced Wednesday that it holds $770 million in physical gold bullion reserves backing its Tether Gold (XAUT) stablecoin.

Baby BoomersBaby BoomersApr 29, 2025 am 11:14 AM

se Launches Bitcoin Yield Fund (CBYF) Targeting Baby Boomers

Three very different projects are making headlines, but only one is rewriting the rules of how Web3 should work.Three very different projects are making headlines, but only one is rewriting the rules of how Web3 should work.Apr 29, 2025 am 11:12 AM

Toncoin gained 4% after Telegram founder Pavel Durov's return and a $400 million funding wave for TON's ecosystem.

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

Video Face Swap

Video Face Swap

Swap faces in any video effortlessly with our completely free AI face swap tool!

Hot Tools

SublimeText3 Linux new version

SublimeText3 Linux new version

SublimeText3 Linux latest version

SecLists

SecLists

SecLists is the ultimate security tester's companion. It is a collection of various types of lists that are frequently used during security assessments, all in one place. SecLists helps make security testing more efficient and productive by conveniently providing all the lists a security tester might need. List types include usernames, passwords, URLs, fuzzing payloads, sensitive data patterns, web shells, and more. The tester can simply pull this repository onto a new test machine and he will have access to every type of list he needs.

SublimeText3 Chinese version

SublimeText3 Chinese version

Chinese version, very easy to use

VSCode Windows 64-bit Download

VSCode Windows 64-bit Download

A free and powerful IDE editor launched by Microsoft

PhpStorm Mac version

PhpStorm Mac version

The latest (2018.2.1) professional PHP integrated development tool