The start-up co-founded by former Bitcoin core developer Jeff Garzick aims to create a new “supernetwork” that integrates the capabilities of both Bitcoin and Ethereum.
Start-up Hemi Labs, co-founded by former Bitcoin core developer Jeff Garzick, has successfully closed its initial funding round, securing a total of $15 million. The investment was spearheaded by Binance Labs, joined by Breyer Capital and Big Brain Holdings, as reported by Fortune.
Hemi Labs is embarking on a mission to create a "supernetwork" that seamlessly integrates the capabilities of Bitcoin and Ethereum. This venture aims to fill a critical gap in blockchain technology by enabling direct interaction between these two major cryptocurrency ecosystems.
Launched in July at the Bitcoin Conference in Nashville, Hemi Labs unveiled its technology that operates within the Ethereum Virtual Machine (EVM). This development will pave the way for Ethereum's smart contracts to directly interact with Bitcoin.
According to the report, this advancement could fundamentally transform how these cryptocurrencies communicate and function together. Co-founder Max Sanchez, who previously participated in Garzick's incubator program at Bloq, highlighted that the funding will be primarily utilized to expand Hemi's engineering team and enhance its Bitcoin interoperability features.
Moreover, the company aims to provide developers with advanced customization options, along with incentives, grants, and initiatives to boost community engagement. While Sanchez refrained from disclosing the company's valuation, he expressed optimism regarding the potential of Hemi's technology.
Sanchez's background includes co-founding VeriBlock, where he was responsible for developing a consensus mechanism known as Proof-of-Proof. Despite VeriBlock not achieving its intended success, Sanchez has managed to integrate aspects of that technology into Hemi Labs.
Hemi Labs' Vision For Web3
According to the report, Hemi Labs has garnered significant interest from web developers and computer scientists, but Sanchez is hopeful that its appeal will extend to a broader audience. He envisions Hemi as "an ideal platform" for anyone interested in decentralized finance (DeFi) utilizing Bitcoin and Ethereum assets.
Interestingly, Hemi Labs is not the first venture to attempt to bridge the Bitcoin-Ethereum divide. Earlier this year, start-ups ByBit Web3 and Ignition announced a partnership to create a DeFi solution integrating the two cryptocurrencies.
However, Sanchez believes Hemi stands apart due to its use of "newer technology that transcends the boundaries of the individual blockchain communities.”
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 giants Facebook and Spotify, commented on Hemi Labs' potential, stating:
The Hemi team has a clear and compelling vision for unlocking the programmability, portability, and potential of Web3. With a distinguished track record, they are uniquely positioned to deliver.
At the time of writing, the largest cryptocurrency on the market, Bitcoin, is trading at $59,650, down over 1% after hitting a three-week high of $61,200 on Tuesday. Ethereum, on the other hand, is trading at $2,300, also down over 2% in the 24-hour time frame.
Featured image from DALL-E, chart from TradingView.com
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