Cipher Capital, a multi-strategy cryptocurrency investment firm, has announced its participation in a $15 million seed funding round for Hemi Labs, a project that aims to create a comprehensive blockchain network that combines the capabilities of Bitcoin and Ethereum. The funds will be used to develop and launch the Hemi Network, with a focus on advancing blockchain technology and promoting interoperability between different chains by creating a unified top layer.

The mainnet is set to launch in Q4 2024, following the recent successful launch of the Incentivized Testnet. This funding round was heavily supported by prominent investors such as Binance, Brier Capital, Crypto.com, Hyperion Capital, Alchemy, TRGC, Quantstamp, Jihan Wu (BtDir), George Burke (Portal), and others.

“Hemi Labs is at the forefront of blockchain interoperability. Their innovative approach of integrating the Bitcoin and Ethereum networks into a single, integrated overhead network solves key challenges facing the blockchain industry, such as scalability and security. At Cypher Capital, we are excited to support this ambitious vision to develop a blockchain infrastructure that can accommodate new and innovative decentralized applications,” said Vinit Bodke, CEO of Cypher Capital.

Hemi Labs seeks to build an integrated network that combines the best of both Bitcoin and Ethereum. By developing the Heavier Virtual Machine (hVM), the company has been able to integrate the Bitcoin node into the Ethereum programming environment. This means that developers can now build decentralized applications that run on both networks using familiar tools, opening up new avenues for innovative projects. The Heavier Bitcoin Toolkit also provides direct access to Bitcoin network data, allowing developers to build advanced financial applications such as lending and borrowing platforms.

The network also introduces the concept of “Superfinality” through a “Proof of Stake” (PoP) consensus mechanism, which provides Bitcoin-level security in a decentralized manner, as well as Bitcoin Security as a Service for other blockchains. Heavy tunnels will enhance the transferability of networks in secure and trustless ways, bypassing traditional bridges. Additionally, Heavy will feature on-chain routing, time locks, password protection, and gas-free transfers to ensure the smooth movement of assets.
“The strong interest we have received from a select group of investors and partners underscores the importance of what we are working on,” said Jeff Garzik, co-founder of Hemi Labs. “We are confident that we have the potential to drive blockchain technology forward by creating a fully integrated network that combines the best of both Bitcoin and Ethereum. We are grateful for the support of Cipher Capital, which encourages us to continue on our journey towards a more inclusive, decentralized future.”