Hemi Labs, the team co-founded by legendary Bitcoin developer Jeff Garzik, has raised $15 million in investment to develop and launch the Hemi Network, a Layer 2 blockchain built on both Bitcoin and Ethereum.
The investment round was led by Binance Labs, Breyer Capital and Big Brain Holdings, the company said Wednesday. Breyer is an early-stage investor in Facebook (META), stablecoin issuer Circle and Spotify (SPOT).
Hemi is the only blockchain that is both a Layer 2 of Bitcoin and a Layer 2 of Ethereum. They claim to combine the best features of both networks, taking the security features of Bitcoin and combining them with the liquidation and programmability of Ethereum . Layer 1 networks are the base layer or underlying infrastructure of a blockchain. Layer 2 are separate blockchains, built on top of Layer 1, that reduce congestion through scalability and speed.
“When it comes to the question of building Layer 2 on Bitcoin or Ethereum, the most compelling approach is both. We are incredibly proud to have articulated a vision for the Layer 2 space that resonates so widely,” Garzik said in emailed comments.
This Capital 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 incentive testnet is now live and the company is targeting a mainnet launch in Q4.
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Dinh Dinh
According to Coindesk
