Clicky

  • Login
  • Register
  • Submit Your Content
  • Contact Us
Thursday, September 19, 2024
World Tribune
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
Submit
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
No Result
View All Result
World Tribune
No Result
View All Result

Hemi Labs raises $15 million from Binance to launch Advanced Modular Blockchain Network for Bitcoin and Ethereum

September 18, 2024
in Business
Reading Time: 2 mins read
A A
Hemi Labs raises  million from Binance to launch Advanced Modular Blockchain Network for Bitcoin and Ethereum
0
SHARES
ShareShareShareShareShare

Hemi Labs raises $15 million from Binance to launch Advanced Modular Blockchain Network for Bitcoin and Ethereum

Hemi Labs, a start-up co-founded by former Bitcoin core developer and co-founder of Bloq, Jeff Garzick, has raised $15 million in its first round of funding. Binance Labs, Breyer Capital and Big Brain Holdings led the round in the firm, which says it plans to combine the powers of Bitcoin and Ethereum into one “supernetwork.” 

Hemi Labs launched in July at this year’s Bitcoin Conference in Nashville, touting a novel technology that integrates Blockchain within an Ethereum Virtual Machine. The goal is to allow Ethereum’s smart contracts to communicate directly with Bitcoin, bridging a gap in the technology that has existed since its inception.

Co-founder Max Sanchez said the company plans to use these funds to build out Hemi’s engineering team, add more Bitcoin interoperability features and offer developers advanced customizability, as well as incentivization, grants and community adoption. Sanchez declined to share the company’s valuation.

Sanchez joined Garzick’s incubator program at Bloq in 2016 where he co-founded a company called VeriBlock. While that venture didn’t pan out, Sanchez rolled over the technology he developed into Hemi, which utilizes his novel consensus mechanism known as Proof-of-Proof.

“This is kind of the evolution of some of the technology we built there with Proof-of-Proof,” Sanchez said. “And then bringing that into a chain that makes sense in 2024 versus 2017.”

At the moment, Sanchez says the company is garnering the most excitement from web developers and computer scientists, but that he hopes it will soon appeal to a larger audience. He described Hemi as the perfect place for anyone who wants to do decentralized financing using Bitcoin and Ethereum assets.

Hemi is not the first company to try to bridge this gap. In July,  a pair of startups called ByBit Web3 and Ignition announced a partnership to provide users with a DeFi-based way to integrate Bitcoin and Ethereum. Sanchez believes Hemi differs from those firms and others because it uses newer technology and transcends the two blockchains’ respective communities.

Additional investors in the round include Crypto.com, Web3 Ventures, Hyperchain Capital, Alchemy and SALT Fund, among others. 

“The Hemi team has a clear and compelling vision for unlocking the programmability, portability, and potential of Web3” said Ted Breyer at Breyer Capital, an early investor in Facebook and Spotify. “With a distinguished track record, they are uniquely positioned to deliver.”

Learn more about all things crypto with short, easy-to-read lesson cards. Click here for Fortune’s Crypto Crash Course.

Credit: Source link

READ ALSO

Tom Steyer of Galvanize Climate Solutions is funding technology to save the planet

How Rupert Murdoch’s fight to wrestle control from his kids turned into a real-life ‘Succession’ courtroom thriller

ShareTweetSendSharePin
Previous Post

Bose’s new noise-canceling QuietComfort Earbuds are more affordable at $179

Next Post

Apple’s M3 iMac is down to a record-low price ahead of October Prime Day

Related Posts

Tom Steyer of Galvanize Climate Solutions is funding technology to save the planet
Business

Tom Steyer of Galvanize Climate Solutions is funding technology to save the planet

September 19, 2024
How Rupert Murdoch’s fight to wrestle control from his kids turned into a real-life ‘Succession’ courtroom thriller
Business

How Rupert Murdoch’s fight to wrestle control from his kids turned into a real-life ‘Succession’ courtroom thriller

September 19, 2024
Cathay Pacific Airbus defect risked ‘extensive damage’: HK probe
Business

Cathay Pacific Airbus defect risked ‘extensive damage’: HK probe

September 19, 2024
FTC slaps GameStop CEO with  million fine over Wells Fargo shares
Business

FTC slaps GameStop CEO with $1 million fine over Wells Fargo shares

September 19, 2024
Obesity drugmaker BioAge targets 8 million in IPO
Business

Obesity drugmaker BioAge targets $158 million in IPO

September 19, 2024
Teamsters union won’t endorse Trump or Harris
Business

Teamsters union won’t endorse Trump or Harris

September 18, 2024
Next Post
Apple’s M3 iMac is down to a record-low price ahead of October Prime Day

Apple's M3 iMac is down to a record-low price ahead of October Prime Day

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

What's New Here!

Putting Transparency into Action Focus of 2024 CFI Summit

Putting Transparency into Action Focus of 2024 CFI Summit

August 21, 2024
Baidu reports slower growth in robotaxi rides

Baidu reports slower growth in robotaxi rides

August 23, 2024
Luis Gil silences Cubs in strong return to Yankees rotation

Luis Gil silences Cubs in strong return to Yankees rotation

September 7, 2024
The ‘Viking Code’ leadership of Nicolai Tangen, a wealth fund CEO unafraid to lock horns with Elon Musk

The ‘Viking Code’ leadership of Nicolai Tangen, a wealth fund CEO unafraid to lock horns with Elon Musk

August 24, 2024
Cheeto bag has potential to damage natural ecosystem

Cheeto bag has potential to damage natural ecosystem

September 10, 2024
Entire Annapurna video game team resigns over dispute with owner

Entire Annapurna video game team resigns over dispute with owner

September 13, 2024
Glytec expands partnership with Roche for hospital diabetes management

Glytec expands partnership with Roche for hospital diabetes management

August 29, 2024

About

World Tribune is an online news portal that shares the latest news on world, business, health, tech, sports, and related topics.

Follow us

Recent Posts

  • Rory McIlroy fans think he has no idea who Tom Holland is in viral video
  • Tom Steyer of Galvanize Climate Solutions is funding technology to save the planet
  • Amazon introduces Amelia, an AI assistant for third-party sellers
  • Our verdict on the iPhone 16 Pro

Newslatter

Loading
  • Submit Your Content
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2024 World Tribune - All Rights Reserved!

No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food

© 2024 World Tribune - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In