Quick take:
- Hemi offers a programmability layer that blends Bitcoin’s security features with Ethereum-style smart contracts.
- The company plans to use the fresh capital for further ecosystem build-out.
- The funding brings the total raised by Hemi to $30 million, ahead of its upcoming token generation event.
Bitcoin programmability layer, Hemi, has raised $15 million in a funding round co-led by YZi Labs (formerly Binance Labs), Republic Digital, and HyperChain Capital. The fundraising also attracted participation from Breyer Capital, Big Brain Holdings, Crypto.com, DNA Fund, Selini Capital, Protein Capital, Quantstamp, and Web3.com, The Block reported.
Hemi offers a programmability layer, dubbed Hemi Virtual Machine (hVM) on Bitcoin, which blends Bitcoin’s strong security features with Ethereum’s dApp capabilities to enable applications to earn, borrow, and compose assets on Bitcoin, leveraging liquidity and tools from EVM ecosystems.
The funding brings the total raised to $30 million, ahead of Hemi’s upcoming token generation event. The company plans to use the fresh capital for further ecosystem build-out. Hemi also raised $15 million in September 2024, which YZi Labs (the Binance Labs) also co-led alongside Big Brain Holdings and Beryer Capital.
According to Jeff Garzik, co-founder of Hemi Labs and an early BTC core developer, Bitcoin needs no re-invention, “it just needs the right tools around it.”
Joseph Naggar, CEO and CIO of Republic Digital, also believes that by adding introducing scalable asset programmability on Bitcoin should unlock more potential for crypto’s largest blockchain.
According to the announcement, Hemi now boasts over 100,000 verified users and an overall community of more than 400,000. The protocol has also completed integrations with over 70 projects, including Sushi, LayerZero, MetaMask, and Redstone.
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