Hemi Labs Secures $15M to Launch Modular Blockchain for Bitcoin and Ethereum

The funding round, led by Binance Labs, aims to develop a network integrating the strengths of both cryptocurrencies.

Hemi Labs, co-founded by former Bitcoin core developer Jeff Garzik, raised $15 million from investors including Binance Labs, Breyer Capital, and Big Brain Holdings.
The Hemi Network aims to merge Bitcoin and Ethereum into a single, modular blockchain system, enhancing interoperability and developer experience.
Hemi's novel Proof-of-Proof consensus mechanism and Hemi Virtual Machine (hVM) allow for seamless integration of Bitcoin nodes within Ethereum’s environment.
The company's incentivized testnet is already live, with plans for a mainnet launch by late 2024 and future support for Solana, Avalanche, and other networks.
Funds will be used to expand the engineering team, add more Bitcoin interoperability features, and foster community adoption through grants and incentives.