Cypher Capital Backs $15M Hemi Labs Seed Round to Enhance Blockchain Interoperability
Investment in Blockchain Interoperability
Dubai, UAE, 18th September 2024, Chainwire - Cypher Capital, a multi-strategy crypto investment firm, today announced its role in a $15 million seed funding round for Hemi Labs, a modular blockchain network unifying Bitcoin and Ethereum.
Funding to Advance Hemi Network
Hemi Labs will use these funds to develop and launch the Hemi Network. This investment aims to enhance blockchain technology and improve interoperability by creating a unified supernetwork.
- Hemi’s incentivized testnet launch occurred recently.
- Mainnet launch targeted for Q4 2024.
- Participating investors include notable firms like Binance and Crypto.com.
Innovative Features of Hemi Network
Vineet Budki, CEO of Cypher Capital, stated, “Hemi Labs addresses key scalability and security challenges.” Unlike traditional integration efforts, Hemi Labs is developing a unified supernetwork.
- The Hemi Virtual Machine (hVM) integrates a full Bitcoin node within an Ethereum Virtual Machine (EVM).
- Hemi Bitcoin Kit (hBK) allows for advanced Bitcoin-native applications.
- Superfinality through Proof-of-Proof (PoP) ensures Bitcoin-level security.
Hemi’s vision offers trustless cross-chain portability, improving existing bridge methods. Additionally, the network features innovative routing and security mechanisms.
About Cypher Capital
Cypher Capital is a leading early-strategy venture firm investing in Web3 infrastructure and applications to drive the new digital economy.
About Hemi
The Hemi Network enhances scalability, security, and interoperability, enabling a wide range of applications and services for blockchain developers.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.