As a seasoned crypto investor with over a decade of experience navigating the dynamic and ever-evolving landscape of digital assets, I find myself increasingly intrigued by the latest announcement from Cypher Capital regarding their participation in the $15 million seed funding round for Hemi Labs. The prospect of a unified supernetwork that seamlessly integrates Bitcoin and Ethereum is not just appealing, but potentially groundbreaking.
Dubai, UAE, September 18th, 2024, Chainwire
Cypher Capital, a firm specializing in various crypto investment strategies, has recently disclosed its participation in a $15 million initial funding round for Hemi Labs. This innovative company is building a modular blockchain network that bridges Bitcoin and Ethereum systems. With the funds raised, Hemi Labs plans to launch the Hemi Network, leveraging investments from Cypher Capital to progress blockchain technology and improve interoperability by developing a unified supernetwork.
Following the recent incentivized testnet launch by Hemi, there’s a planned mainnet launch scheduled for Q4 2024. Notable investors such as 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), along with several others, have shown interest in this project.
Vineet Budki, CEO of Cypher Capital, stated that Hemi Labs is leading the way in blockchain interoperability. By combining Bitcoin and Ethereum into a unified network, they are tackling significant issues related to scalability and security. Our investment supports their aim to revolutionize blockchain infrastructure and open up new avenues for decentralized applications.
Instead of focusing on separately integrating Bitcoin and Ethereum within their individual systems, Hemi Labs is building a comprehensive network, known as the Hemi Network. This network will feature the Hemi Virtual Machine (hVM), which combines a complete Bitcoin node inside an Ethereum Virtual Machine (EVM). By doing so, developers can create cross-chain smart contracts using familiar tools, and these contracts will be compatible with existing EVM dApps and wallets. Additionally, the Hemi Bitcoin Kit (hBK) simplifies access to smart contracts for fine-grained Bitcoin state data, enabling more sophisticated Bitcoin-centric applications such as staking and lending markets.
The network additionally offers Superfinality via Hemi’s Proof-of-Proof (PoP) agreement system, which guarantees Bitcoin-like security in a decentralized, permissionless setting while providing “Bitcoin security as a service” to other blockchain networks. Hemi’s Tunnels will enhance trustless cross-chain mobility, surpassing conventional bridge techniques. Moreover, Hemi will integrate on-chain navigation, time-lock, password protection, and fee-free transfers for effortless asset transfer without the need for native chain currencies.
Jeff Garzik, Co-founder of Hemi Labs, noted that the caliber and excitement of our investors and associates underscores the pioneering essence of what we are constructing. We’re poised to make significant strides in blockchain technology by merging the functionalities of Bitcoin and Ethereum into a single powerful network. The backing of Cypher Capital is vital to our progress, as they share our ambition for this ecosystem.
About Cypher Capital
Cypher Capital stands out as a pioneering venture firm specializing in early-stage investments within the realm of Web3 infrastructure and applications, paving the way for the emerging digital economy. Adhering to principles of environmental stewardship, social responsibility, and good governance for each investment, Cypher is actively shaping the future landscape of digital currencies, public markets, and Web3 technologies.
Website | Blog | LinkedIn | Telegram | Instagram | Facebook | Youtube | X
About Hemi
The Hemi Network, or simply “Hemi”, is a flexible blockchain system that utilizes both Bitcoin and Ethereum to offer enhanced capabilities in terms of scaling, security, and compatibility. By treating Bitcoin and Ethereum as integral parts of a larger network, Hemi expands possibilities for functionality, mobility, and potential. Hemi Labs, an innovative leader in Web3 infrastructure and technology, was founded by Jeff Garzik, a well-known Bitcoin developer, and Max Sanchez, an early blockchain security expert. Discover more at https://hemi.xyz/.
Contact
Media Manager
Shameem Sha
shameem@cyphercapital.com
Read More
Sorry. No data so far.
2024-09-18 16:21