A Dubai-based crypto investment firm joins prominent investors in backing blockchain networks aimed at unifying Bitcoin and Ethereum.
PC: citybiz
Cypher Capital’s Strategic Investment in Hemi Labs
Dubai, UAE-based multi-strategy crypto investment firm Cypher Capital has announced its participation in a seed funding round of $15 million for Hemi Labs. Hemi Labs is working on developing a blockchain network that seeks to integrate the two largest and most influential blockchain ecosystems – Bitcoin and Ethereum.
The funding round marks a considerable step for Hemi Labs in its journey to advance blockchain technology and enhance interoperability through what it calls a unified “supernetwork.” The proceeds from the funding will primarily be used to fund research, development, and launch of the Hemi Network.
Focus on Advancing Blockchain Technology
First and foremost, through Hemi Labs, the plan is to make it easier and more converged in the sense of blockchain delivery by building connectivity between Bitcoin and Ethereum. In this way, with the Hemi Network, the firm will unlock further potential for decentralized finance and blockchain space, paving the way for more seamless and powerful applications running across each network.
According to Jeff Garzik, co-founder of Hemi Labs, they are very well-positioned to develop blockchain technology with the introduction of a supernetwork that marries the capabilities of Bitcoin and Ethereum. What is more, Garzik noted that the support from Cypher Capital during the funding round was “crucial” in realizing their vision of a more connected blockchain ecosystem.
Major Players Join Funding Round
This seed funding round, worth $15 million, has attracted a number of prominent investors and institutions in the blockchain and cryptocurrency ecosystem. In addition to Cypher Capital, those notable investors include Binance, Breyer Capital, Crypto.com, HyperChain Capital, Alchemy, TRGC, Quantstamp, Jihan Wu (Bitdeer), and George Burke (Portal).
This will not only highlight the potential of the Hemi Network but also speak to the rising significance of blockchain interoperability in the overall ecosystem.
Movement Towards Mainnet Launch
It has already launched an incentivized testnet, which is an important milestone towards the mainnet launch scheduled for Q4 2024. If the Hemi Network is successfully implemented, it could enable quite powerful functionalities of cross-chain capabilities with an integrated and scalable blockchain experience.
From this round of seed funding, Hemi Labs will see the value it has created thru increased capital. It would be well positioned to develop its further technology and prepare for a mainnet launch that will have huge positive effects on the blockchain industry.
