Cypher Capital, a multi-strategy crypto investment firm, announced its participation in a $15 million seed funding round for Hemi Labs, a blockchain network aiming to unify Bitcoin and Ethereum. The funds will support the development and launch of the Hemi Network, with a focus on advancing blockchain technology and enhancing interoperability through a unified supernetwork.
This funding round follows Hemi’s recent incentivized testnet launch, with a mainnet launch slated for Q4 2024. Notable investors include Binance, Breyer Capital, Crypto.com, HyperChain Capital, Alchemy, TRGC, Quantstamp, Jihan Wu (Bitdeer), and George Burke (Portal), among others.
“Hemi Labs is at the forefront of blockchain interoperability,” said Vineet Budki, CEO of Cypher Capital. “Their approach to integrating Bitcoin and Ethereum into a cohesive supernetwork addresses key scalability and security challenges, and our investment aligns with their mission to transform blockchain infrastructure and unlock new possibilities for decentralized applications,” Budki added.
Hemi Labs is creating a unified supernetwork with features like the Hemi Virtual Machine (hVM), which integrates a Bitcoin node into an Ethereum Virtual Machine (EVM). This allows developers to build cross-chain smart contracts using familiar tools, while ensuring compatibility with EVM dApps and wallets. The Hemi Bitcoin Kit (hBK) provides direct smart contract access to Bitcoin’s state, enabling advanced Bitcoin-native applications like staking and lending markets.
The network also introduces Superfinality through its Proof-of-Proof (PoP) consensus mechanism, offering Bitcoin-level security in a decentralized manner, as well as Bitcoin-security-as-a-Service for other blockchains. Hemi’s Tunnels will enhance cross-chain portability with trustless, secure methods, surpassing traditional bridges. Additionally, Hemi will feature on-chain routing, time-locks, password protection, and gasless transfers for seamless asset movement.
“The quality and enthusiasm of our investors and partners reflect the groundbreaking nature of what we are building,” said Jeff Garzik, Co-founder of Hemi Labs. “We are well positioned to advance blockchain technology by creating a supernetwork that marries the capabilities of Bitcoin and Ethereum, and Cypher Capital’s support is crucial to that success as they share our vision for the ecosystem,” Jeff added.
