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Bitfinity allocates $7m to create Bitcoin sidechain on Internet Computer

bitfinity-allocates-7m-to-create-bitcoin-sidechain-on-internet-computer
Edited by
News
Bitfinity allocates $7m to create Bitcoin sidechain on Internet Computer

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 the Bitfinity Ethereum Virtual Machine (EVM). With the new solutions, blockchain developers could build Bitcoin-enabled decentralized apps on Internet Computer using Solidity programming language.

Max Chamberlin, the founder of Bitfinity, highlighted that the 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 the Bitcoin mission by effectively functioning as a Bitcoin sidechain, with the addition of Taproot assets on the horizon.”

Max Chamberlin

Utilizing the Internet Computer’s Chain-Key threshold signature scheme, Bitfinity aims to enable smart contracts to manage and transfer BTC and Ordinal assets on-chain. Ben Forman, the managing partner at ParaFi Capital, emphasized that the funding reflects the increasing 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 named Bioniq, with primary focus on Bitcoin. Developed by Dfinity, the platform features a built-in wallet with an optional Google login via Web3Auth and ensures that traders are not burdened with network transaction or gas fees.