The Bitcoin programmable layer project Hemi has secured a new round of financing of $15 million, a significant milestone in its quest to merge Bitcoin security with Ethereum-type programmability.
The funding round was headed by YZi Labs (previously Binance Labs), in conjunction with Republic Digital and HyperChain Capital.
Other participants of note were Breyer Capital, Big Brain Holdings, Crypto.com, DNA Fund, Selini Capital, Protein Capital, Quantstamp, and Web3.com.
Hemi has now received $30 million in total funding, following a prior $15 million funding round in September 2024.
Bridging Bitcoin Security with Ethereum-Like Smart Contracts
Hemi claims to be the largest programmability layer on Bitcoin, to offer EVM (Ethereum Virtual Machine) level innovative contract capabilities, while maintaining Bitcoin’s unmatched security model.
There is increasing demand for programmability on Bitcoin’s blockchain, especially with the market cap of Bitcoin over $2.1 trillion.
They also claim that it serves as a bridge; it provides finality to Bitcoin, allowing for high throughput.
Notably, the main purpose is to power institutional applications by enabling developers to utilize smart contracts with Bitcoin liquidity and trust.
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Hemi’s Core Innovation: The HVM
The core to Hemi’s architecture is the HVM, a full Bitcoin node that runs inside the Ethereum Virtual Machine.
This innovation also features cross-chain “Tunnels,” and a proof of consensus model designed by co-founder Maxwell Sanchez.
By integrating these components, Hemi gives developers the ability to build applications that earn, borrow, and compose assets on Bitcoin, while using liquidity and tooling from the EVM ecosystems.
This type of interoperability could be a game-changer in how decentralized finance (DeFi) and much more than DeFi is built and deployed on Bitcoin.
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Industry Leaders Backing Bitcoin Programmability
The projects have already received praise from recognized stakeholders in the blockchain industry.
Jeff Garzik, co-founder of Hemi Labs and an early Bitcoin core developer, stated, “It’s not that Bitcoin needs to be reinvented, it just needs to be surrounded with the right tools.”
Joseph Naggar, CEO and CIO of Republic Digital, demonstrated that scalable programmability on Bitcoin could dramatically elevate the utility of the blockchain.
Hemi is slowly evolving into an essential player in the Bitcoin smart contract ecosystem.
Broader Context: Growing Crypto Funding Momentum
Hemi’s successful funding comes in the wake of a considerable amount of funding in the context of the crypto ecosystem.
UnoCrypto reported that GAIB raised $10 million on July 30 in a strategic round led by Amber Group focused on building and developing AI-powered on-chain compute solutions.
A day later, we reported that ARIA raised $5 million from Folius Ventures, Animoca Brands, and Galaxy Interactive to accelerate innovations in the Web3 gaming sector.
These funding rounds, combined with Hemi’s own raise of $15 million, present a strong institutional confidence in the next great frontier of blockchain development, including Bitcoin programmability, decentralized AI, and truly immersive Web3 experiences.