Hemi, a blockchain startup, has successfully closed a $15 million growth round in funding. The investment was led by YZi Labs (formerly known as Binance Labs), Republic Digital, and HyperChain Capital. With this recent round of funding, the total project funding for Hemi has now reached $30 million. This substantial financial boost comes as the company sets its sights on establishing itself as a crucial infrastructure layer for enabling Bitcoin programmability within Ethereum Virtual Machine (EVM)-compatible decentralized finance (DeFi) projects.

The startup's flagship technology, the Hemi Virtual Machine, is designed to incorporate a complete Bitcoin node. By integrating a full Bitcoin node into their infrastructure, Hemi aims to facilitate seamless interoperability between the Bitcoin blockchain and EVM-compatible DeFi platforms. This unique approach positions Hemi as a key player in bridging the gap between the Bitcoin network and the rapidly expanding DeFi ecosystem.

The Hemi team believes that by embedding a Bitcoin node directly into their virtual machine, they can unlock new possibilities for developers looking to leverage Bitcoin's functionalities within DeFi applications. This integration not only enhances the programmability of Bitcoin but also opens up a wide array of opportunities for creating innovative decentralized financial products that combine the strengths of both Bitcoin and Ethereum.

The support from prominent investors like YZi Labs, Republic Digital, and HyperChain Capital underscores the growing interest in projects that aim to enhance the interoperability and functionality of blockchain networks. By securing this substantial funding round, Hemi is well-positioned to further develop and expand its infrastructure solutions, paving the way for a more interconnected and efficient DeFi ecosystem.

Hemi's ambitious vision of enabling Bitcoin programmability within EVM-compatible DeFi projects has garnered attention within the crypto community. The company's innovative approach to bridging the gap between two leading blockchain networks has the potential to revolutionize the way developers build and interact with decentralized applications.

As Hemi continues to enhance its technology and forge strategic partnerships within the industry, the company is poised to play a pivotal role in shaping the future of decentralized finance. With a strong foundation of funding and support from key investors, Hemi is on track to solidify its position as a driving force in the convergence of Bitcoin and DeFi, ushering in a new era of cross-chain innovation and collaboration in the blockchain space.

Source: https://news.bitcoin.com/hemi-raises-15m-to-power-bitcoin-defi-programmability/