Hemi Labs Raises $15M to Launch Modular Blockchain in Round Led by Binance Labs

“The Hemi testnet is now live, with a mainnet launch planned for the fourth quarter.”, — write: www.coindesk.com

Hemi Labs, the company co-founded by Bitcoin developer Jeff Garzik, has raised $15 million for its modular blockchain network.
The Hemi Network has been built on both the Bitcoin and Ethereum blockchains.
The investment round was led by Binance Labs, Breyer Capital and Big Brain Holdings, the company said.

54:46

CoinDesk Spotlight: Gavin Wood on DeFi, Music and the Future of Blockchain

01:43

p0x Labs Co-Founder on Developer Adoption of AI

00:58

Hong Kong Is ‘Extremely Bullish’ for Crypto: p0x Labs Co-Founder

20:26

What On-Chain Access for AGI Unlocks

Hemi Labs, the team co-founded by legendary Bitcoin developer Jeff Garzik, has raised $15 million in investment to develop and launch Hemi Network, a layer-2 blockchain that has been built on both Bitcoin and Ethereum, the company said on Wednesday.

The investment round was led by Binance Labs, Breyer Capital and Big Brain Holdings, Hemi said. Breyer was an early stage investor in Facebook (META), stablecoin issuer Circle and Spotify (SPOT).

Hemi is a single blockchain that is both a Bitcoin and Ethereum layer 2. It claims to combine the best characteristics of both networks, taking the security qualities of Bitcoin and blending them with the liquidity and programmability of Ethereum. A layer-1 network is the base layer, or the underlying infrastructure of a blockchain. Layer 2s are separate blockchains, built on top of layer 1s, that reduce bottlenecks with scaling and speed.

“When it comes to the question of building a layer 2 on Bitcoin or Ethereum, the most compelling approach is to say ‘both,’ Garzik said in emailed comments. “We’re incredibly proud to have delivered a vision for the layer-2 space that has resonated so widely.”

The round also included participation from Crypto.com, Web3 Ventures, HyperChain Capital, Alchemy, SALT Fund, Kelly Investments, Sunflower Capital, DNA Fund, Gate Ventures, Quantstamp, TRGC, BTC INC, Artichoke Capital, Cypher Capital, SNZ Holding, C6E, IBG Capital, Protein Capital, MON Ventures, SV5, Impossible Finance, Jihan Wu, George Burke and Sonny Singh.

The incentivized testnet is now live, and the company is targeting a mainnet launch in the fourth quarter.

Edited by Sheldon Reback.

Disclosure

Please note that our

cookies,

and

do not sell my personal information

has been updated

CoinDesk is an

award-winning

media outlet that covers the cryptocurrency industry. Its journalists abide by a

strict set of editorial policies.

In November 2023

, CoinDesk was acquired

by the Bullish group, owner of

Bullish,

a regulated, digital assets exchange. The Bullish group is majority-owned by

Block.one; both companies have

interests

in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.

CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Name	Price	24H (%)
Bitcoin(BTC)	$63,095.00	4.51%
Ethereum(ETH)	$2,471.02	5.80%
Tether(USDT)	$1.00	0.11%
BNB(BNB)	$566.87	3.32%
Solana(SOL)	$143.52	9.45%
USDC(USDC)	$1.00	0.07%
XRP(XRP)	$0.59	1.76%
Lido Staked Ether(STETH)	$2,470.68	5.83%
Dogecoin(DOGE)	$0.105989	3.80%
Toncoin(TON)	$5.70	1.17%

Login

Register

Related posts

Leave a Comment Cancel Reply