Hemi Labs, a Bitcoin network founded by Jeff Garzik, has successfully raised $15 million to drive development and expand its ecosystem. The funding round included notable investors such as YZi Labs, Republic Digital, HyperChain Capital, Breyer Capital, Big Brain Holdings, and Crypto.com. According to the company's announcement, the funds will be utilized to support borrowing, lending, and trading applications on Bitcoin, while further developing the Hemi Virtual Machine (hVM).
The hVM is a layer that integrates a Bitcoin node into an Ethereum Virtual Machine, enabling the execution of smart contracts and processing of transactions on Ethereum. Jeff Garzik stated, 'Bitcoin does not require reinvention; rather, it needs the right tools to complement it.' He added, 'Hemi provides DeFi protocols with a familiar means to build on Bitcoin without compromising security or decentralization.' With over 100,000 verified users and 400,000 community members, Hemi's ecosystem comprises more than 70 partners, including Sushi, LayerZero, MetaMask, and Redstone. The total value locked has reached $1.2 billion.
This funding follows Hemi's mainnet launch in March, which began with $440 million in committed capital. The growth of Hemi reflects the increasing trend of Bitcoin DeFi projects aiming to leverage BTC's $2.3 trillion market capitalization.
Competitors such as Lombard and BOB are also developing infrastructure to transform Bitcoin into an active component of decentralized finance.