Bitfinity allocates $7 million to create Bitcoin sidechains on internet computers
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Bitfinity Network has raised $7 million from Polychain Capital and ParaFi Capital to build off-chain infrastructure for Bitcoin and Ordinals.
Bitfinity said in a press release shared with crypto.news that the proceeds will help it develop a Bitcoin sidechain on the Internet computer blockchain, called the Bitfinity Ethereum Virtual Machine (EVM). With the new solution, blockchain developers can build Bitcoin-enabled decentralized applications on computers across the Internet using the Solidity programming language.
Bitfinity founder Max Chamberlin emphasized that the Quantstamp-audited Bitfinity EVM will facilitate the deployment of decentralized applications “100 times faster than Ethereum, and at a fraction of the cost.”
“Bitfinity’s EVM aligns with the Bitcoin mission by effectively acting as a Bitcoin sidechain, with the Taproot asset soon to be added.”
Max Chamberlain
Bitfinity utilizes the Internet Computer’s Chain-Key threshold signature scheme to enable smart contracts to manage and transfer BTC and Ordinal assets on the chain. Ben Forman, managing partner at ParaFi Capital, emphasized that the funding reflects the growing need to integrate Bitcoin into new networks to enable novel use cases and applications.
With the latest addition, the internet computing ecosystem appears to be doubling down on investments in Bitcoin-related products. In November 2023, crypto.news reported on the launch of a non-fungible token (NFT) market called Bioniq, focusing primarily on Bitcoin. Developed by Dfinity, the platform features a built-in wallet with the option of Google login via Web3Auth and ensures traders are not burdened with network transactions or gas fees.
