Hemi Labs Raises $15 Million for Layer 2 Blockchain Development
CryptoNewsTerminal Staff18 Sep, 2024
Hemi Labs Raises $15 Million for Layer 2 Blockchain Development
Hemi Labs, the team behind the Layer 2 blockchain Hemi, has recently secured $15 million in funding. The funding round was led by Binance Labs, the venture capital arm of Binance, and Big Brain Holdings. Hemi Labs plans to use the funds to launch its modular blockchain network, with the mainnet targeted to launch in Q4 2023. The network will be designed to provide scalability, security, and cost-effectiveness for developers and users. "We are excited to partner with Binance Labs and Big Brain Holdings to bring our vision for a modular blockchain network to life," said Hemi Labs CEO and Co-founder Dr. Tingwei Hou. "This funding will allow us to accelerate the development of our network and bring it to market." The investment in Hemi Labs is the latest in a series of investments by Binance Labs in blockchain and Web3 projects. Binance Labs has previously invested in projects such as Polygon, The Sandbox, and STEPN. "We are impressed with the Hemi Labs team and their vision for a modular blockchain network," said Binance Labs Head of Investments Bill Chin. "We believe that Hemi has the potential to be a major player in the blockchain industry, and we are excited to support their growth."
