Wednesday, April 17, 2024
HomeCryptoBitfinity Network secures $7 million to integrate Bitcoin with Internet Computer platform

Bitfinity Network secures $7 million to integrate Bitcoin with Internet Computer platform

Quick Take

Bitfinity Network secures $7 million in funding from investors including Polychain Capital and ParaFi Capital, signaling a pivotal step in its mission to merge Bitcoin with the Internet Computer blockchain. With the upcoming Bitfinity Ethereum Virtual Machine (EVM) launch, developers gain the ability to build decentralized applications (dApps) combining the speed and efficiency of the Internet Computer with Bitcoin’s capabilities. This integration enhances the possibilities for DeFi applications and bridges the gap between Bitcoin and Ethereum.

Bitfinity Network Secures $7 Million in Funding, Pioneers Bitcoin Integration with Internet Computer

Bitfinity Network, a forward-thinking web3 infrastructure company, has successfully raised over $7 million in funding from prominent 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 enhancing utility for developers in the Solidity, Bitcoin, and Internet Computer communities, Bitfinity is set to launch its 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 will empower Solidity developers and EVM-compatible services to create decentralized applications (dApps) with Bitcoin capabilities, all while benefitting from exceptional speed and cost-efficiency.

Bitfinity Founder, Max Chamberlin, said: “This backing reaffirms our mission to bring greater utility to developers within the Solidity, Bitcoin, and Internet Computer communities.”

The Bitfinity EVM promises to offer speeds up to 100 times faster than the Ethereum Mainnet, while substantially reducing gas fees, positioning it as a formidable contender in the blockchain ecosystem.

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

Bitfinity’s unique approach lies in its utilization of the Internet Computer’s Chain-Key, a threshold signature scheme, to securely manage and transfer Bitcoin and Ordinal assets on-chain. This approach significantly enhances security and transparency when compared to conventional bridge mechanisms, eliminating an annual attack vector valued at $3 billion.

ParaFi Capital’s Managing Partner, Ben Forman, shared his perspective, stating, “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.”

This 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 realm of 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 deals with scalability, security, and decentralization, has never been more relevant.

Investors have been actively searching for solutions to these challenges, and Bitfinity’s innovative approach offers a promising way forward. The integration with the Internet Computer blockchain has opened up 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 mainnet launch of the Bitfinity EVM promises exciting opportunities for Ethereum developers. They will be able to build EVM-based dApps that capitalize on the Internet Computer’s advantages in terms of speed, security, reduced transaction costs, and decentralization, all while incorporating Bitcoin as a fully decentralized asset.

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. As Bitfinity’s roadmap includes further integration of Taproot assets, the future looks promising for blockchain enthusiasts, heralding a new era of blockchain interoperability and innovation.

Read Also: DFINITY Foundation Offering $5M Grant to boost Decentralized AI on Internet Computer Blockchain


Most Popular