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Binance has announced its latest investment through Binance Labs, selecting Hemi Labs as the recipient. This initiative aims to promote innovative projects in the cryptocurrency space, particularly those with high potential. What does this venture entail, and why did Binance choose to invest in it?
Latest from Binance
Identifying promising altcoins early is often achieved by examining projects that major players like Binance invest in. The latest announcement from Binance indicates an investment in Hemi, a layer 2 network designed to integrate Bitcoin 
$104,231 and Ethereum 
$2,632. Hemi Labs, the organization behind Hemi Network, is developing a modular blockchain focused on scalability, security, and interoperability.
The investment from Binance will support the development of decentralized applications (hApps) and enhance the interoperability of the Hemi Virtual Machine (hVM) with Bitcoin. Operating on the Proof-of-Proof (PoP) mechanism, the Hemi network aims to facilitate secure asset transfers between Bitcoin and Ethereum. Significant updates are expected from the company in the next 12 months, focusing on:
- A reliable cross-chain transfer system supported by Bitcoin and Ethereum
- Secure data connections for artificial intelligence
- DeFi applications with interoperability features
