Key points:

  • Binance Labs has invested in Hemi Labs, the creators of Hemi, a pioneering layer 2 blockchain network, which integrates Bitcoin and Ethereum for increased security and programmability.

  • This investment underscores Binance Labs' commitment to supporting projects that use next-generation decentralized technologies to push the boundaries of blockchain innovation.

Binance Labs has invested in Hemi Labs, creators of the Hemi Network ("Hemi"). Hemi is a modular blockchain network designed for exceptional scalability, security and interoperability, bringing together Bitcoin and Ethereum as components of a new supernetwork.

Hemi focuses on advancing the technical, economic and social layers that lie between the two largest and most widely used protocols in the industry. Combining the robust security and financial foundation of Bitcoin with the flexibility and programmability of Ethereum, Hemi works at an underserved intersection of the Web3, opening up new opportunities for developers and investors.

The new capital will accelerate Hemi's growth through the development of decentralized applications (hApps), improving Bitcoin compatibility with the Hemi Virtual Machine (hVM), and improving secure asset transfers between Bitcoin and Ethereum. It will also scale Hemi's decentralized sequencers and Proof-of-Proof (PoP) consensus for faster and more secure blockchain settlements.

The company is set to release major updates over the next 12 months, including new uses for its cross-chain tunneling system, secure data binding for AI, and decentralized finance (DeFi) applications powered by Bitcoin and Ethereum.

"We look forward to supporting Hemi Labs as they work on critical infrastructure that connects Bitcoin and Ethereum in a modular and scalable way. Hemi's approach aligns with our commitment to supporting strong project founders who are focused on building practical decentralized solutions with long-term potential." noted Alex Odagiou, Chief Investment Officer of Binance Labs.

"We are delighted to have Binance Labs as a key partner in our mission to rebuild the blockchain infrastructure. Binance Labs' investment and global network will play an important role in accelerating our growth and help us realize our vision of creating a more unified and efficient blockchain ecosystem," – said Jeff Garzik, CEO of Hemi Labs.

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About Binance Labs

Binance Labs is a leading venture capital arm and incubator committed to empowering early-stage projects and driving the growth and development of the Web3 ecosystem. Since our founding in 2018, we have consistently focused on the long term and provide strategic support and project financing regardless of market cycles.

As a blockchain- and sector-agnostic VC leader in the Web3 space, we support everything from infrastructure to application layers, and our focus remains on technology innovation with product-to-market fit and sustainable revenue models.

The Binance Labs portfolio includes more than 250 projects from more than 25 countries on six continents. More than 65 Binance Labs portfolio companies are projects that have passed our incubation programs. For more information, follow Binance Labs at X. 

About Hemi

The Hemi Network ("Hemi") is a modular blockchain based on Bitcoin and Ethereum that provides exceptional scalability, security and interoperability. Hemi sees Bitcoin and Ethereum as components of a wider supernetwork, opening up new levels of programmability, portability and potential. Hemi Labs is a leading developer of Web3 infrastructure and tools, founded by renowned Bitcoin developer Jeff Garzik, blockchain security pioneer Max Sanchez and early crypto entrepreneur, -90>Matthew Roshak

Learn more at https://hemi.xyz/. 

Disclaimer: The information contained in this article is for informational purposes only and does not constitute investment advice, endorsement, analysis or recommendation of any financial instrument, investment or issuer. This article may contain forward-looking statements that are inherently subject to risks and uncertainties. Investments in cryptocurrency and DeFi projects are associated with significant risk, including the risk of total loss. This article does not take into account the investment objectives, financial situation or specific needs of any particular individual, and each user is advised to consult their own legal and financial advisors before making investment decisions.

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