Hemi Labs, a network aimed at Bitcoin programmability, successfully raised $15 million in funding to bolster its development and expansion. The funding round was backed by prominent investors including YZi Labs (previously Binance Labs), Republic Digital, and HyperChain Capital, among others.

What You Should Know:

• Hemi’s supernetwork has attracted over $1.2 billion in total value locked.
• The funding will aid in the development of applications for borrowing, trading, and building on Bitcoin.

“Bitcoin doesn’t need to be reinvented; it just needs the right tools around it,” said Garzik, who has been one of Bitcoin’s founding developers. He emphasized that Hemi offers DeFi protocols a familiar method to interact with Bitcoin without demanding new skills or compromising on security.

Currently, Hemi boasts over 100,000 verified users and 400,000 community members. It has formed partnerships with over 70 entities including Sushi, LayerZero, and MetaMask. The recent funding marks a significant milestone following the network’s launch of its mainnet in March, which had opened with $440 million already pledged.

Hemi’s swift progression highlights a burgeoning trend in Bitcoin DeFi projects, aiming to convert Bitcoin from merely a store of value into an active player’s role in decentralized finance.