Hemi Network is a pioneering Layer-2 blockchain network that combines Bitcoin and Ethereum for enhanced security and programmability.
Binance Labs Leads $15 Million Capital in Hemi Network Modular Blockchain
On the evening of September 18, 2024, Binance Labs, an incubator fund separate from the Binance exchange, led a $15 million Capital round in Hemi Labs, the unit behind the development of the modular layer-2 blockchain Hemi Network . Co-leading the Capital round with Binance Labs were Breyer Capital and Big Brain Holdings.
We've invested in @hemi_xyz
— Binance Labs Fund (@BinanceLabs) September 18, 2024
Hemi Labs is the creator of Hemi, a budding Layer-2 blockchain network that integrates Bitcoin and Ethereum for enhanced security and programmability.
Read more👇 https://t.co/q7fOd5ibOW
The round also saw participation from Crypto.com, Web3 Ventures, HyperChain Capital, Alchemy, SALT Fund, Kelly Investments, Sunflower Capital, DNA Fund, Gate Ventures, Quantstamp, TRGC, BTC INC, Artichoke Capital, Cypher Capital, SNZ Holding, C6E, IBG Capital, Protein Capital, MON Ventures, SV5, Impossible Finance, Jihan Wu, George Burke and Sonny Singh.
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
— Hemi Network (@hemi_xyz) September 18, 2024
According to the announcement of Binance Labs, Hemi Network is a unique modular blockchain that is both layer-2 Bitcoin and layer-2 Ethereum, combining the advantages of both networks, providing superior scalability, security and interoperability.
Hemi Labs is a developer of Web3 infrastructure and tools, founded by famous Bitcoin developer Jeff Garzik , SegWit2x development team lead, blockchain security expert Max Sanchez , and veteran crypto entrepreneur Matthew Roszak .
Hemi Labs will use the new Capital to accelerate its development over the next 12 months by:
- Improving decentralized applications (hApps);
- Enhanced interoperability with Bitcoin via Hemi Virtual Machine (hVM);
- Improved secure asset transfers between Bitcoin and Ethereum.
- Expanding the decentralized sequencer system, Proof-of-Proof (PoP) consensus mechanism to speed up and enhance the security of blockchain transactions.
- Launching major updates, including new use cases for trustless cross-chain systems, secure data binding mechanisms for AI, and decentralized finance (DeFi) applications – all powered by Bitcoin and Ethereum.
Hemi Network is currently in the incentivized testnet phase, and plans to launch mainnet in Q4 of this year.
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