Hemi Labs, a startup co-founded by former Bitcoin Core developer Jeff Garzik, has raised $15 million in its first funding round, led by high-profile backers including Binance Labs, Breyer Capital, and Big Brain Holdings.
According to Fortune ReportHemi Labs aims to build a new “super network” that will integrate the functionality of both Bitcoin and Ethereum and fill a “long-standing gap” in blockchain technology.
Ethereum compatible technology for Bitcoin?
HemiLab unveiled its technology, which runs within Ethereum, at the Bitcoin Conference in Nashville in July this year. Virtual Machine The development will allow Ethereum smart contracts to interact directly with Bitcoin, an advancement that is rumored to potentially change the way these two major cryptocurrencies communicate and work together.
Co-founder Max Sanchez, who previously worked at Bloq in Gargick’s incubator program, said the funding will be used to expand Hemi’s engineering team and strengthen its bitcoin interoperability features.
In addition, the company Developer Hemi is a pioneer in the development of hybrid vehicles, with over 100,000 employees, about 10,000 people in the U.S. and Canada. He has been involved in projects with the company since 2007, and is a leader in the development of hybrid vehicles.
Sanchez comes from a background as a co-founder of VeriBlock, where he developed a consensus mechanism called Proof-of-Proof. Although VeriBlock failed to achieve its original objectives, Sanchez integrated aspects of its technology into Hemi Labs.
Hemi Labs' Web3 Vision
The report said Hemi Labs has seen a lot of interest from web developers and computer scientists, but Sanchez is optimistic that its appeal will broaden to a broader audience, for whom he sees Hemi as “an ideal platform.” Decentralized Finance (DeFi) Leverages Bitcoin and Ethereum assets.
Interestingly, Hemi Labs is not the first venture to try to bridge the gap between Bitcoin and Ethereum: earlier this year, startups ByBit Web3 and Ignition announced a partnership to create a DeFi solution integrating the two cryptocurrencies.
But Sanchez believes Hemi stands out because it uses “new technologies that transcend the boundaries of individual blockchain communities.”
In this funding round, investment The company is funded by a diverse set of backers, including Crypto.com, Web3 Ventures, Hyperchain Capital, Alchemy, and SALT Fund. Ted Breyer, an early investor in social media companies Facebook and Spotify, commented on Hemi Labs' potential:
The Hemi team has a clear and compelling vision for unlocking the full programmability, portability and potential of Web3, and with their strong track record they are uniquely positioned to make it a reality.
At the time of writing, Bitcoin, the market's largest cryptocurrency, was trading at $59,650, down more than 1%, after hitting a three-week high of $61,200 on Tuesday, while Ethereum was trading at $2,300, also down more than 2% in 24 hours.
Featured image from DALL-E, chart from TradingView.com
