Hemi Labs, a startup co-founded by former Bitcoin developer Jeff Garzick, has just secured $15 million in funding. This investment, led by big names like Binance Labs, Breyer Capital, and Big Brain Holdings, will help Hemi build a “supernetwork” that connects Bitcoin and Ethereum.
Bridging the Gap
Hemi’s technology runs on the Ethereum Virtual Machine (EVM), allowing Ethereum’s smart contracts to interact directly with Bitcoin. This could revolutionize how these two major cryptocurrencies work together.
Max Sanchez, co-founder of Hemi and a former participant in Garzick’s incubator program at Bloq, says the funding will be used to grow Hemi’s engineering team and improve its Bitcoin interoperability features. They also plan to give developers more customization options and offer incentives to encourage community involvement.
A Vision for Web3
Hemi Labs sees its technology as a platform for anyone interested in decentralized finance (DeFi) using Bitcoin and Ethereum assets. While other companies have tried to bridge the Bitcoin-Ethereum gap, Sanchez believes Hemi stands out because of its “newer technology” that goes beyond the limitations of individual blockchain communities.
Big Names, Big Potential
Hemi Labs has attracted investments from a diverse group of backers, including Crypto.com, Web3 Ventures, Hyperchain Capital, Alchemy, and SALT Fund. Ted Breyer, an early investor in Facebook and Spotify, sees Hemi’s potential, saying, “The Hemi team has a clear and compelling vision for unlocking the programmability, portability, and potential of Web3.”
Hemi Labs is certainly ambitious, aiming to connect two of the biggest cryptocurrencies in the world. With its impressive team and strong funding, it will be interesting to see how this project develops in the future.
