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Bitfinity’s $7M Investment Paves the Way for a Bitcoin Sidechain on Internet Computer (crypto-news-flash)

  • Bitfinity is reported to have raised $7 million in funding that had the likes of Polychain Capital and ParaFi Capital participating. 
  • The proceeds from this round are expected to go into the launch of the Bitcoin sidechain on the Internet Computer blockchain, Bitfinity (EVM).

According to a recent report, Bitfinity Network has raised $7 million in funding from the likes of Polychain Capital and ParaFi Capital. This is reported to be a testament to its effort to revolutionize the world of blockchain technology and interoperability.

The funding was done in two parts – $1 million was raised in a seed round in 2021. A growth round raised the remaining amount, and it closed last June. It is reported that both were token rounds, and the second round brought the Bitfinity valuation to $130 million. 

According to the report, the proceeds of this funding would go into the development of the Bitcoin sidechain on the Internet Computer blockchain, Bitfinity Ethereum Virtual Machine (EVM). The Bitfinity EVM is reported to be integrated into the Internet Computer blockchain. It is designed to empower Solidity developers and EVM-compatible services to create decentralized applications (dApps). Interestingly, these have Bitcoin capabilities with incredible speed and cost efficiency. 

According to Bitfinity Founder, Max Chamberlin, the backing is strongly in line with their mission. 

This backing reaffirms our mission to bring greater utility to developers within the Solidity, Bitcoin, and Internet Computer communities.

The press release also assures that the Bitfinity EVM would certainly have speed that is up to 100 times faster than the Ethereum mainnet. Its position in the blockchain industry would be cemented with these provisions coupled with the reduction of gas fees. In the future, Bitfinity’s EVM could incorporate Taproot assets while functioning as a Bitcoin sidechain.

Bitfinity EVM Could be Launched in Q1 2024

According to ParaFi Capital’s Managing Partner, Ben Forman, the EVM unlocks the Bitcoin ecosystem to more use cases. 

As the demand to integrate Bitcoin increases, we believe Bitfinity’s EVM opens up the Bitcoin ecosystem to novel use cases and applications. Solidity developers can now take advantage of Bitfinity’s high throughput, low fees, and Bitcoin-native support.

The unique approach of Bitfinity is said to utilize the Internet Computer’s Chain-Key to manage and transfer Bitcoin and Ordinal assets on-chain. Compared to conventional bridge mechanisms, the approach enhances security and transparency. On top of that, the integration bridges the gap between Bitcoin and Ethereum to promote interoperability.

The integration with the Internet Computer blockchain is also reported to enable Bitcoin to utilize the DeFi space for the first time, ensuring that the need for hardware-based solutions becomes a thing of the past. 

According to the report, the mainnet launch of Bitfinity EVM assures interesting opportunities for Ethereum developers. They will have the chance to build EVM-based dApps that take advantage of the “speed, security, reduced transaction costs, and decentralization” of Internet computers. 

Bitfinity Network’s successful funding round and the forthcoming launch of the Bitfinity EVM are significant developments in the blockchain industry. This integration of Bitcoin with the Internet Computer blockchain promises to reshape the landscape of decentralized applications, offering unprecedented speed, efficiency, and security for developers and users alike. 

The EVM is currently in the testnet with the mainnet expected to be launched later this month or early February. 

 

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