Dubai, United Arab Emirates, September 18, 2024, Chainwire
Cypher Capital, a multi-strategy cryptocurrency investment firm, today announced its participation in a $15 million seed funding round for Hemi Labs, a modular blockchain network that unifies and . Hemi Labs will use the funds to develop and launch the Hemi Network, utilizing Cypher Capital funding to advance blockchain technology and improve interoperability by developing a unified supernet.
The round comes after the recent launch of Hemi’s incentivized testnet and a mainnet launch planned for Q4 2024. Participation from numerous investors includes Binance, Breyer Capital, Big Brain Holdings, Crypto.com, HyperChain Capital, Alchemy, SALT Fund, Kelly Capital, Sunflower Capital, DNA Fund, Web3 Ventures, Quantstamp, TRGC, UTXO, Artichoke Capital, SNZ Holding, Capital6, IBG Capital, Protein Capital, MON Ventures, SV5, Impossible Finance, Jihan Wu (Bitdeer), and George Burke (Portal), among others.
“Hemi Labs is at the forefront of blockchain interoperability,” said Vineet Budki, CEO of Cypher Capital. “Their approach to integrating Bitcoin and Ethereum into a cohesive supernet addresses key scalability and security challenges, and our investment aligns with their mission to transform blockchain infrastructure and unlock new possibilities for decentralized applications.”
Unlike traditional efforts to integrate Bitcoin and Ethereum within their own ecosystems, Hemi Labs is developing a unified supernet. Hemi Network will include the Hemi Virtual Machine (hVM), which integrates a full Bitcoin node within an Ethereum Virtual Machine (EVM), allowing developers to build cross-chain smart contracts with familiar tools while ensuring compatibility with existing EVM decentralized wallets and applications. The Hemi Bitcoin Kit (hBK) facilitates direct smart contract access to the granular state of Bitcoin for advanced Bitcoin-native applications such as staking and lending markets.
The network also features Superfinality through Hemi’s Proof-of-Proof (PoP) consensus mechanism, which ensures Bitcoin-level security in a decentralized, permissionless manner and provides Bitcoin security-as-a-service to other blockchain networks. Hemi tunnels will offer trustless cross-chain portability, improving on traditional bridging methods. Additionally, Hemi will feature on-chain routing, time-locking, password protection, and gasless transfers for seamless asset movement without relying on the chain’s native currencies.
“The quality and enthusiasm of our investors and partners reflect the innovative nature of what we are building,” said Jeff Garzik, co-founder of Hemi Labs. “We are well positioned to advance blockchain technology by creating a supernet that combines the capabilities of Bitcoin and Ethereum, and Cypher Capital’s support is crucial to that success as they share our vision for the ecosystem.”
About Cypher Capital
Cypher Capital is a leading early-stage venture capital firm focused on investing in Web3 infrastructure and applications that will power the new digital economy. Guided by environmental, social, and governance criteria in every investment decision, Cypher is shaping the future of digital currencies, public markets, and Web3.
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About Hemi
The Hemi Network (“Hemi”) is a modular blockchain powered by Bitcoin and Ethereum that offers superior scalability, security, and interoperability. Hemi views Bitcoin and Ethereum as components of a broader supernet, unlocking new levels of programmability, portability, and potential. Hemi Labs is a leading developer of Web3 infrastructure and tools, founded by renowned Bitcoin developer Jeff Garzik and blockchain security pioneer Max Sanchez. Learn more at
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