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Bitfinity Network has raised $7 million from Polychain Capital and ParaFi Capital to establish off-chain infrastructure for bitcoin and Ordinals.
In a press release shared with crypto.news, Bitfinity said the proceeds will help it develop a bitcoin sidechain on the Internet Computer blockchain called Bitfinity ethereum Virtual Machine (EVM). With the new solutions, blockchain developers could create decentralized bitcoin-enabled applications on Internet Computer using the Solidity programming language.
Max Chamberlin, founder of Bitfinity, highlighted that Bitfinity EVM, audited by Quantstamp, will facilitate the deployment of decentralized applications “with speeds 100 times faster than ethereum and at a fraction of the cost.”
“Bitfinity’s EVM aligns with bitcoin’s mission by effectively functioning as a bitcoin sidechain, with the addition of Taproot assets on the horizon.”
Max Chamberlin
Using Internet Computer's Chain-Key threshold signing scheme, Bitfinity aims to enable smart contracts to manage and transfer btc and ordinal assets on-chain. Ben Forman, Managing Partner at ParaFi Capital, emphasized that the funding reflects the growing demand to integrate bitcoin into new networks for novel use cases and applications.
With the latest addition, the Internet Computer ecosystem appears to be doubling down on bitcoin-related products. In November 2023, crypto.news covered the launch of a non-fungible token (nft) marketplace called Bioniq, with a primary focus on bitcoin. Developed by Dfinity, the platform features a built-in wallet with an optional Google login via Web3Auth and ensures that merchants are not burdened with network transactions or gas fees.
