Hemi will work with BitFi to integrate CeDeFi.

TL;DR:

Hemi and BitFi are collaborating to integrate Hemi’s innovative Bitcoin-to-Ethereum cross-network capabilities with BitFi’s CeDeFi platform. This collaboration enhances scalability, security, and interoperability, enabling new DeFi opportunities for Bitcoin users. Together, they aim to advance Bitcoin’s role in decentralized finance, driving innovation and empowering users with cutting-edge solutions.

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Hemi today announces a collaboration with BitFi, the leading CeDeFi platform. BitFi will integrate Hemi’s cutting-edge technology as part of its expansion into scalable, Bitcoin-based decentralized finance solutions.

BitFi is a CeDeFi platform that generates organic yield on BTC through the funding rate arbitrage trade. BTC assets are deposited into their vault and they use that BTC to execute the delta-neutral trade. Even though they are a fairly new protocol, they just surpassed 4,500 BTC in TVL. 

Hemi and BitFi bring complementary strengths to this collaboration. BitFi’s secure staking infrastructure and diverse synthetic assets align seamlessly with Hemi’s modular architecture and unique, Bitcoin-powered “Proof-of-Proof” consensus mechanism. Together, this combination will enhance scalability, enabling faster and more efficient Bitcoin transactions, while ensuring integration of Bitcoin into BitFi’s CeDeFi ecosystem. The collaboration will also provide BitFi users access to innovative staking, yield generation, and multichain opportunities powered by Hemi’s robust infrastructure.

Hemi and BitFi share a commitment to building user-centric, secure, and innovative financial solutions. By working together, they aim to expand the range of DeFi possibilities, unlocking new ways for BitFi users to leverage their Bitcoin holdings through advanced staking and DeFi products. The collaboration prioritizes security by combining BitFi’s safeguards with Hemi’s proven resilience, creating a trusted environment for all participants. Furthermore, it strengthens Bitcoin’s role in the DeFi space by integrating it into BitFi’s ecosystem, broadening its utility and accessibility.