Cypher Capital Leads $15 Million Seed Round for Hemi Labs' Supernetwork

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Investment in Hemi Labs
  2. Features of Hemi Network
  3. Executive Comments


    4. Cypher Capital announced its participation in a $15 million seed funding round for Hemi Labs. The funds will be used to develop and launch the Hemi Network, a modular blockchain network unifying Bitcoin and Ethereum.

    Investment in Hemi Labs

    Cypher Capital, a multi-strategy crypto investment firm, participated in a $15 million seed funding round for Hemi Labs. In addition to Cypher Capital, numerous investors such as Binance, Breyer Capital, Big Brain Holdings, Crypto.com, HyperChain Capital, and many more participated. These funds will be directed towards the launch and development of the Hemi Network, aiming to enhance blockchain technology and improve network interoperability.

    Features of Hemi Network

    Hemi Network represents a unified supernetwork that includes the Hemi Virtual Machine (hVM) integrating a full Bitcoin node within an Ethereum Virtual Machine (EVM). This enables developers to create cross-chain smart contracts using familiar tools while maintaining compatibility with existing EVM dApps and wallets. The Hemi Network also features the Hemi Bitcoin Kit (hBK), providing smart contract access to granular Bitcoin state for Bitcoin-native applications such as staking and lending. The network uses a Proof-of-Proof (PoP) consensus mechanism to ensure Bitcoin-level security in a decentralized manner and offers Bitcoin-security-as-a-Service to other blockchain networks.

    Executive Comments

    [{'quote': {'text': 'Hemi Labs is at the forefront of blockchain interoperability. Their approach to integrating Bitcoin and Ethereum into a cohesive supernetwork addresses key scalability and security challenges.', 'author': 'Vineet Budki, CEO of Cypher Capital', 'type': 'CITE_W_A'}}, {'quote': {'text': 'The quality and enthusiasm of our investors and partners reflect the groundbreaking nature of what we are building. We are well positioned to advance blockchain technology by creating a supernetwork that marries the capabilities of Bitcoin and Ethereum.', 'author': 'Jeff Garzik, Co-founder of Hemi Labs', 'type': 'CITE_W_A'}}]

    The development of the Hemi Network, supported by multiple investors including Cypher Capital and other major players, opens new opportunities for blockchain innovations and enhanced cross-chain compatibility.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other news

Bitcoin Red Team Established to Tackle AI-Driven Security Threats

chest

The Bitcoin Red Team has been established to proactively identify AI-assisted security vulnerabilities in the Bitcoin ecosystem.

user avatarTando Nkube

TON Validators Prepare for Configuration Vote on New Collator Architecture

chest

TON validators are updating their node software and mytonctrl tooling for a configuration vote on a new collator architecture scheduled for August 21 at 0800 UTC.

user avatarKofi Adjeman

Aave's EMode: Efficiency and Risk in DeFi Lending

chest

Aave's EMode feature allows for efficient borrowing among correlated assets but also increases the risk of liquidation during market stress.

user avatarSatoshi Nakamura

Avalanche Surpasses $3 Billion in Tokenized Real-World Assets

chest

Avalanche's tokenized real-world asset value has surpassed $3 billion, marking a significant milestone in its development as a platform for institutional finance.

user avatarNguyen Van Long

Aave's Debt Concentration Raises Concerns Amid Ethereum Volatility

chest

Aave's debt profile shows that a small number of loan positions account for a significant portion of its total outstanding debt, raising concerns about risk concentration.

user avatarJesper Sørensen

Shift in Airdrop Strategy Reflects Changing Market Dynamics

chest

Optimism's decision to reallocate tokens indicates a shift away from broad airdrops towards more strategic ecosystem investments.

user avatarLucas Weissmann

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.