Bitfinity, a Bitcoin Layer 2 network that is compatible with the Ethereum Virtual Machine (EVM) and based on the Internet Computer protocol, has successfully raised $7 million in funding. The fundraising was conducted through token rounds, resulting in a valuation of $130 million, according to Max Chamberlin, the co-founder of Bitfinity.
The investors who participated in the funding include prominent names such as Polychain Capital, ParaFi Capital, Warburg Serres, Dokia Capital, and Draft Ventures. The fundraising process was divided into two phases: a seed round of approximately $1 million in 2021 and a growth round that completed the remaining amount in June of the same year.
Bitfinity aims to redefine the landscape of layer 2 solutions for Bitcoin by developing a layer 2 network based on the Internet Computer protocol. This unique feature allows Ethereum developers to create decentralized applications compatible with Bitcoin on Bitfinity.
The mainnet launch of Bitfinity is expected to take place by the end of this month or early February. The platform is currently in its testnet phase.
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After the mainnet launch, Bitfinity plans to expand its team from about twenty members to around twenty-five. This expansion is intended to support the growth of the platform’s ecosystem. Additionally, several exchanges are planning to list the Bitfinity token, which will increase its visibility and accessibility to market users.
In conclusion, Bitfinity’s successful fundraising demonstrates strong interest and support for its Bitcoin Layer 2 network. With its compatibility with the Ethereum Virtual Machine and focus on scalability and cost-effectiveness, Bitfinity aims to empower decentralized finance activities on the Bitcoin blockchain.
