Bitfinity Network Raises $7 Million for Bitcoin Sidechain on Internet Computer Blockchain
Bitfinity Network has secured $7 million in funding from Polychain Capital and ParaFi Capital to develop an off-chain infrastructure for Bitcoin and Ordinals. The company plans to create a Bitcoin sidechain called the Bitfinity Ethereum Virtual Machine (EVM) on the Internet Computer blockchain. This will enable developers to build Bitcoin-enabled decentralized applications (dApps) using the Solidity programming language. The Bitfinity EVM, which has been audited by Quantstamp, promises faster speeds and lower costs compared to Ethereum.
Enabling Smart Contracts for BTC and Ordinal Assets
Bitfinity aims to utilize the Internet Computer’s Chain-Key threshold signature scheme to enable smart contracts to manage and transfer BTC and Ordinal assets on-chain. This funding round reflects the growing demand for integrating Bitcoin into new networks for various use cases and applications.
Internet Computer’s Focus on Bitcoin
The funding received by Bitfinity Network adds to the Internet Computer ecosystem’s focus on Bitcoin-related products. In November 2023, Dfinity launched Bioniq, a non-fungible token (NFT) marketplace with a built-in wallet that supports Bitcoin transactions without network fees.
Hot Take: Expanding Bitcoin’s Reach through Off-Chain Infrastructure
Bitfinity Network’s funding will pave the way for the development of a Bitcoin sidechain on the Internet Computer blockchain, offering faster speeds and lower costs compared to Ethereum. By enabling smart contracts to manage and transfer BTC and Ordinal assets on-chain, this infrastructure opens up new possibilities for integrating Bitcoin into decentralized applications. The growing demand for such integration is evident from the support received from Polychain Capital and ParaFi Capital. With its focus on Bitcoin-related products, the Internet Computer ecosystem continues to expand the reach and utility of the world’s largest cryptocurrency.
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