Hemi Labs Secures $15 Million In Funding To Build A Bitcoin-Ethereum ‘Supernetwork’
Hemi Labs, co-founded by former Bitcoin developer Jeff Garzick, raised $15 million in an initial funding round led by Binance Labs, Breyer Capital, and Big Brain Holdings. The start-up aims to create a "supernetwork" integrating Bitcoin and Ethereum, addressing gaps in blockchain technology. Launched at the Bitcoin Conference in July, Hemi Labs introduced technology compatible with the Ethereum Virtual Machine (EVM), allowing Ethereum smart contracts to interact directly with Bitcoin. The funding will expand Hemi's engineering team and enhance Bitcoin interoperability features. Hemi Labs seeks to attract web developers and aims to be a platform for decentralized finance (DeFi) using Bitcoin and Ethereum assets. Other ventures have attempted similar integrations, but Hemi claims its newer technology sets it apart. The funding round included investments from Crypto.com, Web3 Ventures, and others. Bitcoin is currently trading at $59,650, while Ethereum is at $2,300.
