The Hemi Network testnet has gone live, with the mainnet launch scheduled for Q4.
- Hemi Labs, co-founded by Bitcoin developer Jeff Garzik, secured $15 million to support its modular blockchain network.
- The Hemi Network is built on both Bitcoin and Ethereum blockchains.
- The funding round was led by Binance Labs, Breyer Capital, and Big Brain Holdings, according to the company.
Hemi Labs, co-founded by renowned Bitcoin developer Jeff Garzik, has secured $15 million in funding to propel the development and launch of Hemi Network, a cutting-edge layer-2 blockchain built on both Bitcoin and Ethereum, the company announced on Wednesday.
The funding round was spearheaded by Binance Labs, Breyer Capital, and Big Brain Holdings. Breyer Capital is known for early-stage investments in companies like Facebook (META), stablecoin issuer Circle, and Spotify (SPOT).
Hemi Network is a unique layer-2 blockchain that integrates Bitcoin’s robust security with Ethereum’s liquidity and programmability, combining the strengths of both networks. Layer-2 solutions, such as Hemi, are designed to enhance scalability and speed by operating atop layer-1 blockchains.
“When it comes to building a layer-2 on Bitcoin or Ethereum, the smartest move is to build on both,” Garzik stated confidently. “We’re thrilled that our vision for the future of layer-2 technology has gained such broad support.”
The round also saw contributions from key players like Crypto.com, Web3 Ventures, HyperChain Capital, Alchemy, SALT Fund, Kelly Investments, and many others, including prominent figures like Jihan Wu, George Burke, and Sonny Singh.
The incentivized testnet is already live, with the mainnet launch slated for the fourth quarter.