Web3 infrastructure firm Bitfinity Network raises $7 million in funding. In order to further its goal of creating off-chain infrastructure for Bitcoin and Ordinals (Ordinal Inscriptions, which are comparable to NFTs), The raise comes from various backers, including Polychain Capital and ParaFi Capital.
The Bitfinity Ethereum Virtual Machine (EVM) is being developed at the same time as the fundraising. With the help of the Bitfinity EVM, a Bitcoin sidechain that is incorporated into the Internet Computer blockchain, solidity developers and already-existing EVM-compatible businesses can create Bitcoin-enabled decentralised applications (dApps) 100 times faster and for a much lower price than Ethereum.
Max Chamberlin, Founder of Bitfinity, said: “We’re thrilled to announce support from two leading investors in the blockchain space. This backing reaffirms our mission to bring greater utility to developers within the Solidity, Bitcoin, and Internet Computer communities.”
With this launch, Bitfinity breaks through as the first EVM to connect with the Bitcoin network without the need for conventional bridges acting as middlemen.
Bitfinity makes it possible for smart contracts to safely store and transfer Bitcoin and Ordinal assets on-chain by utilising the Internet Computer’s threshold signature technique, or Chain-Key.
Ben Forman, Managing Partner at ParaFi Capital, said, “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 benefit from Bitfinity’s high throughput, low fees, and Bitcoin-native support. We’re excited to support the entire Bitfinity team’s mission to enhance Bitcoin utility.”
Bitfinity is an Ethereum virtual machine that offers developers a turn-key solution to run their applications on a high-throughput, scalable, future-proof, and Ethereum-compatible platform with minimal transaction costs for their customers.