Blockchain Networking Module Developer Hemi Labs Completes $15 Million Financing Round, Lead by YZi Labs

BlockBeats News, August 26th, according to The Block, modular blockchain network Hemi Network developer Hemi Labs has completed a $15 million funding round. The round was led by YZi Labs (formerly Binance Labs), Republic Digital, and HyperChain Capital, with participation from Breyer Capital, Big Brain Holdings, Crypto.com, DNA Fund, Selini Capital, Protein Capital, Quantstamp, and Web3.com, among others. The network aims to combine Bitcoin's security with Ethereum-style smart contracts to prepare for upcoming token generation events.

According to the introduction, the core of the Hemi tech stack is the Hemi Virtual Machine (hVM), which is said to be a full Bitcoin node embedded within the Ethereum Virtual Machine. The team stated that the hVM includes a set of cross-chain "Tunnels" and a proof-of-proof consensus design proposed by co-founder Maxwell Sanchez. This architecture is designed to allow applications to earn, borrow, and pool assets on Bitcoin while leveraging the liquidity and tools of the EVM ecosystem.