Bitfinity Network Raises $7 Million to Integrate Internet Computers and Bitcoin

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Bitfinity Network has secured $7 million in funding from investors including Polychain Capital and ParaFi Capital, marking a pivotal step in its mission to integrate Bitcoin with the Internet computer blockchain. The upcoming launch of the Bitfinity Ethereum Virtual Machine (EVM) will give developers the ability to build decentralized applications (dApps) that combine the speed and efficiency of Internet computers with the power of Bitcoin. This integration enhances the potential for DeFi applications and bridges the gap between Bitcoin and Ethereum.

Bitfinity Network has raised $7 million in funding and pioneered the integration of Internet computers and Bitcoin.

Bitfinity Network, a forward-thinking web3 infrastructure company, successfully raised over $7 million in funding from high-profile investors including Polychain Capital and ParaFi Capital. This strategic funding is an important milestone in Bitfinity’s journey to revolutionize the world of blockchain technology and interoperability. With a focus on enhancing utility for developers in Solidity, Bitcoin, and the Internet computing community, Bitfinity will launch the groundbreaking Bitfinity Ethereum Virtual Machine (EVM).

The cornerstone of this announcement is the Bitfinity EVM, a Bitcoin sidechain integrated into the Internet computer blockchain. This innovative platform enables Solidity developers and EVM-compatible services to create decentralized applications (dApps) with Bitcoin functionality, while benefiting from exceptional speed and cost-effectiveness.

Bitfinity founder Max Chamberlin said: “This support reaffirms our mission to provide greater utility to developers within the Solidity, Bitcoin, and Internet computing communities.”

Bitfinity EVM promises to deliver speeds up to 100x faster than Ethereum Mainnet. By drastically reducing gas costs, it has established itself as a strong competitor in the blockchain ecosystem.

In particular, Bitfinity’s EVM will function as a Bitcoin sidechain, with plans to integrate Taproot assets in the near future. This integration heralds a new era of blockchain interoperability by seamlessly connecting the Bitcoin and Ethereum networks without relying on traditional intermediary bridges.

Bitfinity’s unique approach is to leverage the Internet Computer’s Chain Key, a threshold signature scheme, to securely manage and transfer Bitcoin and Ordinal assets on-chain. This approach significantly improves security and transparency compared to traditional bridge mechanisms, thereby reducing annual costs. $3 billion worth of attack vectors.

Ben Forman, Managing Partner at ParaFi Capital, shared his perspective: “As demand for Bitcoin integration grows, we believe Bitfinity’s EVM opens the Bitcoin ecosystem to new use cases and applications. Solidity developers can now take advantage of Bitfinity’s high throughput, low fees, and native support for Bitcoin.”

This move highlights Bitfinity’s firm commitment to Bitcoin’s status as a global store of value and medium of exchange. The integration bridges the gap between Bitcoin and Ethereum, increasing interoperability and expanding the realm of possibility for decentralized finance (DeFi) applications.

In the year indicated congestion problem The success of the Ordinals protocol makes the Bitcoin Trilemma, which addresses scalability, security, and decentralization, more important than ever.

Investors are actively seeking solutions to these challenges, and Bitfinity’s innovative approach offers a promising path forward. The integration with the internet computer blockchain opened Bitcoin to the DeFi space for the first time.It eliminates the need for hardware-based solutions and paves the way for greater integration.

The imminent mainnet launch of the Bitfinity EVM promises exciting opportunities for Ethereum developers. They can build EVM-based dApps that leverage the advantages of the Internet Computer in terms of speed, security, transaction cost reduction, and decentralization, while incorporating Bitcoin as a fully decentralized asset.

Bitfinity Network’s successful funding round and upcoming Bitfinity EVM are significant developments in the blockchain industry. The integration of Internet Computer Blockchain and Bitcoin promises to reshape the landscape of decentralized applications by providing unprecedented speed, efficiency, and security for both developers and users. The future looks promising for blockchain enthusiasts, as Bitfinity’s roadmap includes further integration of Taproot assets, heralding a new era of blockchain interoperability and innovation.

Read: DFINITY Foundation Provides $5 Million Grant to Power Decentralized AI on Internet Computer Blockchain