Hemi Labs Secures $15 Million In Funding To Build A Bitcoin-Ethereum ‘Supernetwork’

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As a seasoned crypto investor with a keen eye for innovative projects and a knack for recognizing potential, I find the recent development of Hemi Labs particularly intriguing. Having closely followed the evolution of Bitcoin and Ethereum, I am excited about the prospect of seeing these two giants communicate and function together in a more harmonious way.

Hemi Labs, a start-up co-created by ex-Bitcoin core developer Jeff Garzick, has successfully secured $15 million in its first round of funding. This funding was spearheaded by prominent investors like Binance Labs, Breyer Capital, and Big Brain Holdings.

As per a Fortune article, Hemi Labs intends to develop a novel “supernetwork” that leverages the functionalities of both Bitcoin and Ethereum, addressing what they perceive as a persistent void in blockchain technology.

Ethereum-Compatible Technology For Bitcoin?

At this year’s Bitcoin Conference in Nashville, held in July, Hemi Labs unveiled a technology designed to work within the Ethereum Virtual Machine (EVM). This innovation is set to allow Ethereum’s smart contracts to engage directly with Bitcoin, a development that could potentially revolutionize the way these two prominent cryptocurrencies interact and function together.

As a fellow crypto enthusiast, I’m thrilled to share that Max Sanchez, who was once mentored by Garzick at Bloq’s incubator program, has revealed that the fresh funding we’ve secured will be channeled towards bolstering our engineering team and improving Hemi’s compatibility with Bitcoin. This exciting development promises to further enrich our journey in the crypto realm.

Furthermore, the business intends to offer developers enhanced personalization features, together with rewards, funds, and projects to stimulate user interaction. However, Sanchez declined to reveal the company’s evaluation, instead highlighting the promising prospects of Hemi’s technology.

In his past, Sanchez helped establish VeriBlock and pioneered a consensus method called Proof-of-Proof. Despite VeriBlock not reaching the expected level of success, Sanchez has brought elements of this technology over to Hemi Labs.

Hemi Labs’ Vision For Web3

As per the report, Hemi Labs has sparked significant intrigue among web developers and computer scientists. Sanchez, however, is confident that its reach will extend beyond this niche group. He sees Hemi as a perfect platform for anyone with an interest in decentralized finance (DeFi), particularly those working with Bitcoin and Ethereum assets.

It’s worth noting that Hemi Labs isn’t the only initiative aiming to connect Bitcoin and Ethereum. In fact, earlier in the year, start-ups ByBit Web3 and Ignition revealed they were collaborating to develop a Decentralized Finance (DeFi) solution that combines these two cryptocurrencies.

Yet, Sanchez asserts that Hemi distinguishes itself through employing “innovative technology that surpasses the limitations imposed within individual blockchain societies.

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 Facebook and Spotify, commented on Hemi Labs’ potential, stating:

The Hemi team outlines a crisp and persuasive blueprint for making Web3 more functional, transportable, and powerful. Backed by a strong history of success, they stand ready to execute.

Hemi Labs Secures $15 Million In Funding To Build A Bitcoin-Ethereum ‘Supernetwork’

Currently as I’m typing this, Bitcoin – the largest cryptocurrency available – is being exchanged for approximately $59,650. This represents a decrease of more than 1% following its three-week peak of $61,200 which it reached on Tuesday. In contrast, Ethereum stands at $2,300, experiencing a dip of over 2% in the past 24 hours.

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2024-09-18 19:42