Hemi, one of the world’s largest programmability layers built on Bitcoin, has announced the closing of a $15 million growth funding round, backed by a diverse group of leading Web3 investors. Participants include YZi Labs (formerly Binance Labs), Republic Digital, HyperChain Capital, Breyer Capital, Big Brain Holdings, Crypto.com, DNA Fund, Selini Capital, Protein Capital, Quantstamp, Web3.com, and several other renowned entities.
With over $1.2 billion in total value locked (TVL) on its network, Hemi is rapidly emerging as a transformative force in unlocking Bitcoin’s potential for decentralized finance (DeFi). The new funding will be used to accelerate ecosystem development, onboard new partners, and prepare for the platform’s upcoming token generation event.
Despite Bitcoin’s commanding $2.3 trillion market cap, its use in DeFi has remained limited due to the lack of native programmability. Hemi addresses this gap by merging Bitcoin’s unmatched security with Ethereum’s smart contract capabilities, creating a supernetwork that enables developers to build modern financial applications directly on Bitcoin.
At the heart of this innovation is the Hemi Virtual Machine (hVM)—a full Bitcoin node embedded within an Ethereum Virtual Machine. This architecture enables seamless interoperability between blockchains, allowing users to earn, borrow, trade, and build on Bitcoin while connecting to other ecosystems.
A trio of crypto pioneers co-founded Hemi:
- Jeff Garzik, a former Bitcoin core developer
- Maxwell Sanchez, inventor of the Proof-of-Proof (PoP) consensus protocol
- Matthew Roszak, a seasoned investor and early advocate of blockchain technology
Together, they’ve built a platform trusted by over 100,000 verified users and supported by a vibrant community of more than 400,000 members. Hemi’s growth is further fueled by a network of 70+ ecosystem partners, including Sushi, LayerZero, MetaMask, and Redstone, among others.
In anticipation of its token generation event, Hemi has unveiled the tokenomics for $HEMI, outlining its utility, governance structure, and incentives for ecosystem participants. Details of the launch are expected to be finalized and announced in the coming weeks.
KEY QUOTES:
“Bitcoin doesn’t need to be reinvented; it just needs the right tools around it. Hemi provides DeFi protocols with a familiar way to build on Bitcoin, without requiring new skills, compromising on security, or sacrificing decentralization. Our partners share our conviction that Bitcoin can support more than just value transfer; it can support an entire ecosystem.”
Jeff Garzik, co-founder of Hemi and one of the earliest Bitcoin core developers
“For YZi Labs, belief in the team and belief in the product go hand in hand. Jeff, Maxwell, and Matthew have decades of experience, and the breakthroughs they’ve engineered with Hemi show they know how to turn that experience into working systems. Hemi creates a new foundation for Bitcoin-native applications that the whole industry has been waiting for.”
Alex Odagiu, Investment Partner of YZi Labs
“Bitcoin’s role as the world’s most secure settlement layer is unquestioned, but the lack of scalable programmability has limited its potential. Hemi directly addresses this by marrying Bitcoin’s security with Ethereum’s developer ecosystem through its supernetwork architecture. With the Hemi Virtual Machine, Proof-of-Proof consensus, and cross-chain ‘Tunnels,’ the platform enables new layers of Bitcoin DeFi, restaking, and asset programmability. We view this as critical infrastructure, and we are proud to back a team with the technical rigor and vision to deliver it.”
Joseph Naggar, CEO and CIO of Republic Digital
“Hemi’s dedication to unifying Bitcoin and Ethereum through a smart tunnelling network is very commendable. Their technical proficiency and vision for scalable solutions make them a valuable addition to the blockchain community.”
Stelian Balta, Founder of HyperChain Capital
