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

by Giorgi Kostiuk

2 years ago

Made with AI

Investment in Hemi Labs
Features of Hemi Network
Executive Comments

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.

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