Today, Web3 infrastructure firm Bitfinity Network announced it has secured over $7 million in funding to advance its mission to establish off-chain infrastructure for Bitcoin and Ordinals (Ordinal Inscriptions, similar to NFTs).
The raise coincides with the development of the Bitfinity Ethereum Virtual Machine (EVM).
The Bitfinity EVM is a Bitcoin sidechain integrated into the Internet Computer blockchain that enables solidity developers and existing EVM-compatible services to build Bitcoin-enabled decentralised apps (dApps) with speeds 100 times faster than Ethereum and at a fraction of the cost.
The raise comes from various backers, including Polychain Capital and ParaFi Capital.
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 becomes the first EVM to seamlessly integrate with the Bitcoin network without relying on traditional intermediary bridges.
Using the Internet Computer’s threshold signature scheme, known as Chain-Key, Bitfinity enables smart contracts to securely hold and transfer Bitcoin and Ordinal assets on-chain.
This offers heightened security and transparency compared to conventional bridge mechanisms — allowing developers and users to circumvent a $3b annual attack vector.
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.”
Lead image: Shubham's Web3.