Cypher Capital Supports $15M Seed Round for Hemi Labs, Reported by Chainwire

Dubai, UAE, September 18th, 2024 – Cypher Capital, a multi-strategy crypto investment firm, has announced its participation in a $15 million seed funding round for Hemi Labs, a modular blockchain network aiming to unify various blockchain technologies. The investment will support the development and launch of the Hemi Network, with a focus on advancing blockchain technology and improving interoperability through a unified supernetwork.

This funding round follows the recent launch of Hemi’s incentivized testnet, with a mainnet rollout scheduled for the fourth quarter of 2024. The funding has attracted numerous investors, including prominent names in the crypto space like Binance, Breyer Capital, Big Brain Holdings, Crypto.com, HyperChain Capital, and many others.

“Hemi Labs is at the forefront of blockchain interoperability,” stated Vineet Budki, CEO of Cypher Capital. “Their approach to seamlessly integrating Bitcoin and Ethereum into a single supernetwork effectively addresses critical challenges related to scalability and security, aligning perfectly with our mission to enhance blockchain infrastructure and expand opportunities for decentralized applications.”

Hemi Labs distinguishes itself from traditional integration efforts by developing a cohesive supernetwork. The Hemi Network will feature the Hemi Virtual Machine (hVM), which includes a full Bitcoin node within an Ethereum Virtual Machine (EVM). This innovation allows developers to build cross-chain smart contracts using familiar tools while ensuring compatibility with existing EVM decentralized applications and wallets. Additionally, the Hemi Bitcoin Kit (hBK) provides direct access to detailed Bitcoin state information for advanced native applications, such as staking and lending platforms.

The network introduces Superfinality through Hemi’s unique Proof-of-Proof (PoP) consensus mechanism, delivering Bitcoin-level security in a decentralized and permissionless manner. It also offers Bitcoin-security-as-a-Service to other blockchain networks. With Hemi’s Tunnels, trustless cross-chain portability is achieved, improving upon traditional bridging methods. Further features include on-chain routing, time-lock, password protection, and gasless transfers to enhance asset movement without relying on native chain currencies.

“The quality and enthusiasm of our investors and partners reflect the groundbreaking nature of what we are building,” said Jeff Garzik, Co-founder of Hemi Labs. “We are well-positioned to advance blockchain technology by creating a supernetwork that combines the strengths of Bitcoin and Ethereum, with Cypher Capital’s support being instrumental in our success as they share our vision for the ecosystem.”

About Cypher Capital
Cypher Capital is an early-stage venture firm dedicated to investing in Web3 infrastructure and applications that will drive the new digital economy. Committed to environmental, social, and governance factors in every investment decision, Cypher Capital is dedicated to shaping the future of digital currency and Web3.

About Hemi
The Hemi Network is a modular blockchain that leverages Bitcoin and Ethereum to offer enhanced scalability, security, and interoperability. Viewing these two major cryptocurrencies as part of a larger supernetwork, Hemi enables new levels of programmability, portability, and potential. Hemi Labs, founded by notable Bitcoin developer Jeff Garzik and blockchain security innovator Max Sanchez, is a leading force in Web3 infrastructure development.

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