Quick take:
- The company will use the fresh capital to accelerate the development of Bitfinity Ethereum Virtual Machine (EVM).
- The integration connects two of the most popular blockchains, Bitcoin and Ethereum.
- The Bitfinity EVM features a fully decentralized stack with a frontend hosted fully on-chain on the Internet Computer.
Bitfinity has announced a $7 million fundraising backed by Polychain Capital and ParaFi Capital. The company plans to use the funds to accelerate the development of its EVM-compatible bitcoin sidechain solution on the Internet Computer.
This integration fosters Bitfinity’s ambition to create an off-chain infrastructure for Bitcoin and Ordinals. The Bitfinity Ethereum Compatible Virtual Machine’s (EVM) integration with the Internet Computer will allow Solidity developers and existing EVM-compatible services to build Bitcoin-enabled decentralized apps (dApps).
Commenting on the fundraising, Max Chamberlin, Founder of Bitfinity expressed his excitement for receiving backing from two of the Web3 industries leading investors. “This backing reaffirms our mission to bring greater utility to developers within the Solidity, Bitcoin, and Internet Computer communities,” said Chamberlin.
According to Chamberlin, the integration of Bitfinity EVM with the Internet Computer “will enable the deployment of EVM dApps with speeds 100 times faster than Ethereum and at a fraction of the cost.”
“Bitfinity’s EVM aligns with the Bitcoin mission by effectively functioning as a Bitcoin sidechain, with the addition of Taproot assets on the horizon. We eagerly anticipate the revolutionary use cases the community will develop. With this launch, Bitfinity becomes the first EVM to seamlessly integrate with the Bitcoin network without relying on traditional intermediary bridges,” he added.
Bitfinity will use Internet Computer’s threshold signature scheme, Chain-Key, to enable the secure transfer and holding of Bitcoin and Ordinal assets on-chain.
Ben Forman, Managing Partner at ParaFi Capital commented: “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. We’re excited to support the entire Bitfinity team on their mission to enhance Bitcoin utility.”
The integration also connects two of the world’s most popular blockchains, Bitcoin and Ethereum, which improves interoperability, thus expanding the applications of decentralised finance (DeFi) apps.
The Bitfinity EVM is due for mainnet launch, which will allow Ethereum developers to leverage Internet Computer’s advantages in speed, security, reduced transaction costs, and decentralization to build EVM-based dApps with Bitcoin as a fully decentralised asset within the apps.
This is made possible by Bitfinity EVM’s a fully decentralized stack with a backend Solidity and a frontend hosted fully on-chain on the Internet Computer. The sidechain also offers 100 times faster than the Ethereum Mainnet speeds and significantly lower gas fees.
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