Hemi Labs, co-founded by former Bitcoin core developer Jeff Garzik, has raised $15 million in a funding round led by Binance Labs, Breyer Capital, and Big Brain Holdings to develop a new 'supernetwork' called Hemi. This 'supernetwork' aims to merge the security of Bitcoin with the flexibility and programmability of Ethereum. The funds will be used to expand the engineering team and enhance Bitcoin interoperability features. Hemi Labs introduces the Hemi Bitcoin Kit (hBK) and Proof-of-Proof (PoP) consensus mechanism, which integrate Bitcoin's security into Ethereum's smart contracts. The network's mainnet is expected to launch in Q4 2024, promising advanced DeFi applications and secure cross-chain asset movement.