Bitrabo Editorial
Hemi Labs, a startup co-founded by ex-Bitcoin core developer Jeff Garzick, has successfully secured $15 million in its first round of funding. This funding was led by prominent investors such as Binance Labs, Breyer Capital, and Big Brain Holdings.
A report from Fortune highlights that Hemi Labs plans to develop a new “supernetwork,” which aims to meld the functionalities of Bitcoin and Ethereum, addressing what they perceive as a critical void in blockchain technology.
Bridging Technologies for Bitcoin and Ethereum
Unveiled at this year’s Bitcoin Conference in Nashville, Hemi Labs launched a technology compatible with the Ethereum Virtual Machine (EVM). This innovation will allow smart contracts from Ethereum to interact with Bitcoin, a potential game-changer for communication and operations between these two leading cryptocurrencies.
Max Sanchez, a co-founder who previously worked with Garzick at Bloq, mentioned that the funds would help grow Hemi’s engineering team and improve Bitcoin interoperability.
The company also aims to offer developers enhanced customization options, alongside incentives, grants, and programs to foster community involvement. While he did not reveal the company’s valuation, Sanchez highlighted the promising capabilities of Hemi’s technology.
Previously, Sanchez co-founded VeriBlock, where he devised a consensus mechanism called Proof-of-Proof. Although VeriBlock didn’t meet its expected outcomes, elements of that technology have been integrated into Hemi Labs.
Hemi Labs’ Vision for the Future of Web3
The report mentions that Hemi Labs has attracted significant attention from web developers and computer scientists, with Sanchez expressing hope that it will appeal to a broader audience. He sees Hemi as a perfect platform for those interested in decentralized finance (DeFi) using Bitcoin and Ethereum assets.
Notably, Hemi Labs isn’t the first initiative to connect Bitcoin and Ethereum. Earlier this year, ByBit Web3 and Ignition announced a partnership aimed at creating a DeFi solution that integrates these two cryptocurrencies.
However, Sanchez claims Hemi differentiates itself through its utilization of “newer technology that surpasses the limitations of separate blockchain communities.”
The funding round attracted a wide array of investors, including Crypto.com, Web3 Ventures, Hyperchain Capital, Alchemy, and SALT Fund, among others. Ted Breyer, an early investor in platforms like Facebook and Spotify, remarked 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.
As of now, Bitcoin, the largest cryptocurrency by market cap, is trading at $59,650, down over 1% from a three-week high of $61,200 on Tuesday. Ethereum is currently valued at $2,300, seeing a decrease of over 2% in the last 24 hours.
Featured image from DALL-E, chart from TradingView.com