Hemi Labs, the team co-founded by legendary Bitcoin developer Jeff Garzik, has raised $15 million in investment to develop and launch Hemi Network, a layer-2 blockchain that has been built on both Bitcoin and Ethereum, the company said on Wednesday.
The investment round was led by Binance Labs, Breyer Capital and Big Brain Holdings, Hemi said. Breyer was an early stage investor in Facebook (META), stablecoin issuer Circle and Spotify (SPOT).
Hemi is a single blockchain that is both a Bitcoin and Ethereum layer 2. It claims to combine the best characteristics of both networks, taking the security qualities of Bitcoin and blending them with the liquidity and programmability of Ethereum. A layer-1 network is the base layer, or the underlying infrastructure of a blockchain. Layer 2s are separate blockchains, built on top of layer 1s, that reduce bottlenecks with scaling and speed.
"When it comes to the question of building a layer 2 on Bitcoin or Ethereum, the most compelling approach is to say 'both,' Garzik said in emailed comments. "We're incredibly proud to have delivered a vision for the layer-2 space that has resonated so widely."
The round also included participation from Crypto.com, Web3 Ventures, HyperChain Capital, Alchemy, SALT Fund, Kelly Investments, Sunflower Capital, DNA Fund, Gate Ventures, Quantstamp, TRGC, BTC INC, Artichoke Capital, Cypher Capital, SNZ Holding, C6E, IBG Capital, Protein Capital, MON Ventures, SV5, Impossible Finance, Jihan Wu, George Burke and Sonny Singh.
The incentivized testnet is now live, and the company is targeting a mainnet launch in the fourth quarter.
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