Bitfinity Network raised $7 million in funding from investors including Polychain Capital and ParaFi Capital, marking an important step in its mission to merge Bitcoin with the Internet Computer blockchain. With the upcoming launch of the Bitfinity Ethereum Virtual Machine (EVM), developers gain the ability to build decentralized applications (dApps) that combine the speed and efficiency of an Internet Computer with the capabilities of Bitcoin. This integration increases the possibilities of DeFi applications and bridges the gap between Bitcoin and Ethereum.
Bitfinity Network, a forward-thinking web3 infrastructure company, has raised over $7 million in funding from leading investors, including Polychain Capital and ParaFi Capital. This strategic funding marks a significant milestone in Bitfinity’s journey to revolutionize the world of blockchain technology and interoperability. With a focus on increasing utility for developers across the Solidity, Bitcoin, and Internet Computer communities, Bitfinity will launch its groundbreaking Bitfinity Ethereum Virtual Machine (EVM).
The foundation of this announcement is Bitfinity EVM, a Bitcoin sidechain integrated into the Internet Computer blockchain. This innovative platform will empower Solidity developers and EVM-compatible services to build decentralized applications (dApps) with the power of Bitcoin, while benefiting from its incredible speed and cost efficiency.
Bitfinity founder Max Chamberlin said: “This support reaffirms our mission to provide greater utility to developers in the Solidity, Bitcoin, and Internet Computer communities.”
Bitfinity EVM promises to offer speeds up to 100 times faster than Ethereum Mainnet, while significantly reducing gas fees, positioning it as a formidable competitor in the blockchain ecosystem.
Specifically, Bitfinity’s EVM will serve as a Bitcoin sidechain, with plans to incorporate Taproot assets in the near future. This integration marks a new era of blockchain interoperability by seamlessly connecting the Bitcoin and Ethereum networks without relying on traditional intermediary bridges.
Bitfinity’s unique approach lies in leveraging the Internet Computer’s Chain-Key, a threshold signature scheme, to securely manage and transfer Bitcoin and Ordinal assets on-chain. This approach significantly increases security and transparency when compared to conventional bridge mechanisms, eliminating a $3 billion annual attack vector.
ParaFi Capital Managing Partner Ben Forman shared his perspective, stating, “As demand for Bitcoin integration increases, we believe Bitfinity’s EVM opens up the Bitcoin ecosystem to new use cases and applications. Solidity developers can now take advantage of Bitfinity’s high throughput, low fees, and native Bitcoin support.”
The move underscores Bitfinity’s unwavering commitment to Bitcoin’s status as a global store of value and medium of exchange. The integration bridges the gap between Bitcoin and Ethereum, fostering greater interoperability and expanding the possibilities for decentralized finance (DeFi) applications.
In a year marked by congestion issues stemming from the success of the Ordinals protocol, the Bitcoin Trilemma, which relates to scalability, security, and decentralization, becomes particularly relevant.
Investors have been actively seeking solutions to these challenges, and Bitfinity’s innovative approach offers a promising path forward. Integration with the Internet Computer blockchain has opened Bitcoin to the DeFi space for the first time , eliminating the need for hardware-based solutions and paving the way for greater integration.
The imminent launch of the Bitfinity EVM mainnet promises exciting opportunities for Ethereum developers. They will be able to build EVM-based dApps that leverage the Internet Computer’s advantages of speed, security, reduced transaction fees, and decentralization, while incorporating Bitcoin as a fully decentralized asset.
