The funding round brings Hemi’s total funding to US$30 million as it prepares for its upcoming token generation event.
Bitcoin Layer-1 network Hemi closed a US$15 million growth round with participation from companies like YZi Labs (formerly Binance Labs), Republic Digital, and HyperChain Capital. The funds will fuel further ecosystem growth on the Bitcoin network.
Hemi aims to allow users to earn, borrow, trade, and build on Bitcoin, while seamlessly connecting to other blockchains. The Hemi Virtual Machine (hVM), a full Bitcoin node embedded inside an Ethereum Virtual Machine, creates a powerful new layer that fuses Bitcoin’s security with Ethereum’s flexibility.
Jeff Garzik, co-founder of Hemi and one of the earliest Bitcoin core developers, said: “Bitcoin doesn’t need to be reinvented; it just needs the right tools around it. Hemi provides DeFi protocols with a familiar way to build on Bitcoin, without requiring new skills, compromising on security, or sacrificing decentralisation.”
Alex Odagiu, Investment Partner of YZi Labs, said: “For YZi Labs, belief in the team and belief in the product go hand in hand. Jeff, Maxwell, and Matthew have decades of experience, and the breakthroughs they’ve engineered with Hemi show they know how to turn that experience into working systems.”
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