Bitcoin News Today: Bitcoin’s New Power Tool Just Raised $15M to Redefine What’s Possible

Hemi, a project aiming to build a programmable layer on the Bitcoin network, has announced the successful closure of a $15 million funding round. This brings the total capital raised by the project to $30 million. The latest round was led by YZi Labs, Republic Digital, and HyperChain Capital, with contributions from Breyer Capital, Big Brain Holdings, Crypto.com, DNA Fund, Selini Capital, Protein Capital, Quantstamp, and Web3.com Ventures. The funding will be directed toward the development of a network that merges Bitcoin's security with Ethereum's smart contract capabilities, supporting further ecosystem expansion and token generation activities [1].

The project is designed to facilitate more complex operations on the Bitcoin network, including lending and asset portfolios, through a cross-chain "tunneling" system and a proof-of-stake consensus mechanism. Central to this initiative is the Hemi Virtual Machine (hVM), which allows for the embedding of a full Bitcoin node within the Ethereum Virtual Machine (EVM) [1]. Co-founder Jeff Garzik, an early Bitcoin core developer, emphasized that Bitcoin does not require a structural overhaul but rather tools to fully realize its potential.

Hemi claims to have a user base of over 100,000 verified individuals and a community of 400,000 members. The platform has also integrated or partnered with more than 70 projects, including notable names like Sushi, LayerZero, and MetaMask [1]. The company has outlined plans for future expansion, including the launch of mobile apps and a decentralized finance (DeFi) wallet by late 2025. These plans are part of an ongoing effort to become the largest, most comprehensive cross-blockchain exchange [1].

The Hemi token (HEMI) has a total supply of 10 billion tokens, with 2.5 billion allocated for pre-sales and 1 billion for a community airdrop. The airdrop event, scheduled for May 21, 2025, will reward participants with 100 HEMI tokens each. An invitation system is also in place, offering additional tokens for successful referrals. The pre-sale is set to occur simultaneously, with 1 ETH equivalent to 200,000 HEMI tokens [2]. A portion of the pre-sale funds will be used for listing HEMI on major exchanges like Binance, Coinbase, and Huobi.

The project's tokenomics include allocations for project partners, future developments, and community initiatives. The airdrop and pre-sale strategies are designed to incentivize early participation and liquidity, with 80% of the funds raised being allocated for liquidity provision to deter dumping [2]. With a growing ecosystem and strategic funding, Hemi aims to position itself as a leading player in the evolving blockchain landscape, bridging the capabilities of Bitcoin and Ethereum through innovative infrastructure.

Source:

[1] Bitcoin programmable layer project Hemi completes $15 ... (https://www.panewslab.com/en/articles/075351f7-3a34-40bb-849f-2973b60a14f5)

[2] hemi - Airdrop and Presale (https://www.hemidrop.com/)