Hemi Bags $15M Funding To Build Bitcoin Programming Layer

Hemi, a growing project that is creating a programming layer for Bitcoin, has raised $15 million in a new funding round before its upcoming token launch.

Interestingly, this funding round brings Hemi’s total funding to $30 million. The successful funding round also signals that investors are becoming more confident in its goal to connect Bitcoin with the wider decentralized app ecosystem.

Hemi Funding To Aid EVM-Level Programmability to Bitcoin

YZi Labs, Republic Digital, and HyperChain Capital led Hemi’s funding round. Several investors also participated in the funding round, including Big Brain Holdings, Crypto.com, DNA Fund, Breyer Capital, Selini Capital, Web3.com, and Quantstamp, among others.

Hemi promises to provide EVM-level programmability while ensuring finality is connected to Bitcoin, the most secure blockchain. 

By combining Bitcoin’s strong security with Ethereum’s flexible smart contracts, Hemi seeks to create new opportunities for decentralized finance (DeFi), asset management, and cross-chain interactions on the Bitcoin network.

Hemi Aim to Improve Scalability and Security

Notably, the project is based on the Hemi Virtual Machine (HVM). This is a special environment created to let developers build applications on Bitcoin, similar to how they work on Ethereum. The Hemi team has also developed cross-chain “Tunnels” and a new proof-of-proof consensus method that improves scalability and security.

Hemi’s new focus positions it as an important player in the upcoming developments in Bitcoin Layer 2 technology. Interestingly, the modular blockchain network affirms it now has over 100,000 verified users. It has also integrated or partnered with over 70 projects, not excluding MetaMask, Sushi, LayerZero, and others.

Blockstream Bags $210M to Boost Bitcoin Layer-2

Last year, Blockstream Corp. closed a pivotal $210 million funding round through a convertible note offering. This initiative will help the company as it expands its layer-2 technologies. The leading Bitcoin development firm also plans to enhance its mining operations and strengthen its Bitcoin treasury.

The raised funds will enable Blockstream to meet the growing demand for decentralized and sustainable Bitcoin mining. In addition, the firm plans to expand its Bitcoin treasury, reaffirming its commitment to the world’s leading cryptocurrency.

Meanwhile, Rootstock, one of the oldest projects in the Bitcoin ecosystem, has announced its plans to launch new tools for developers. These tools will use BitVMX, a new and updated version of BitVM, a system that lets people build smart contracts like the ones on Ethereum, on top of Bitcoin.

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