Hemi Labs raised $15 million in funding to launch the Hemi Network, a modular blockchain network undergirded by both Bitcoin and Ethereum. The funding round was led by Binance Labs, Breyer Capital, and Big Brain Holdings, with additional support from various other investors. The Hemi Network features the Hemi Virtual Machine for building Bitcoin- and Ethereum-compatible smart contracts, and the Hemi Bitcoin Kit for creating Bitcoin-native applications. The company plans to launch its mainnet in the fourth quarter of this year.

Hemi Labs raised $15 million in funding to launch the Hemi Network, a modular blockchain network undergirded by both Bitcoin and Ethereum.Binance Labs, Breyer Capital and Big Brain Holdings led the round. Additional support came from Crypto.com, Web3 Ventures, HyperChain Capital, Alchemy, SALT Fund, Kelly Investments, Sunflower Capital, DNA Fund, Gate Ventures, Quantstamp, TRGC, BTC INC, Artichoke Capital and Cypher Capital, among others, according to a company release.Hemi Network features include the Hemi Virtual Machine, which lets developers build Bitcoin- and Ethereum-compatible smart contracts, as well as the Hemi Bitcoin Kit, which lets individuals create staking, MEV marketplaces and other Bitcoin-native applications by directly accessing the granular Bitcoin state, the company release said.The firm has launched the Hemi Network incentivized testnet and intends to launch its mainnet in the fourth quarter of this year.“Hemi is transforming how Bitcoin and Ethereum interact, and not merely providing a bridge between the two largest networks in the blockchain ecosystem, but a supernetwork that most elegantly marries the capabilities of both,” said Big Brain Holdings Managing Partner Sam Kim in a statement.

Hemi Labs Secures $15 Million for Modular Blockchain Network Launch