Hemi Labs, led by former Bitcoin core developer Jeff Garzik, has raised $15 million from Binance Labs, Breyer Capital, and Big Brain Holdings to develop a new blockchain network named Hemi. This network aims to integrate Bitcoin and Ethereum into a unified system, featuring the Hemi Virtual Machine (hVM) which allows embedding a Bitcoin node within the Ethereum environment. The project's testnet is live, with a mainnet launch planned for late 2024. Hemi's innovative Proof-of-Proof (PoP) consensus mechanism, developed from Veriblock's field tests, enhances transaction security and finality. The network also plans to support various blockchain integrations and the Lightning Network for instant payments, aiming for greater interoperability between major blockchain platforms.