Bitfinity Raises $7 Million Investment for Bitcoin Sidechain on Internet Computer (ICP)

Bitfinity Network, a pioneer in the Web3 infrastructure sector, recently raised $7 million in funding. With key support from Polychain Capital and ParaFi Capital, Bitfinity plans to develop a sophisticated off-chain solution for Bitcoin and Ordinals. The project primarily focuses on developing the Ethereum Bitfinity Virtual Machine (EVM), which is an advanced Bitcoin sidechain and is integrated into the Internet Computer (ICP) blockchain. This initiative is designed to facilitate the deployment of EVM-compatible decentralized applications (dApps) in the Bitcoin ecosystem.

Improving Bitcoin Accessibility and Efficiency

Max Chamberlin, founder of Bitfinity, passionately conveys the company's vision. He emphasized the extraordinary capabilities of Bitfinity EVM, which not only increases processing speed by 100 times compared to Ethereum, but also significantly reduces operational costs.

This innovation positions Bitfinity as one of the leaders in Bitcoin sidechain solutions, which avoids the use of intermediary bridges and adopts a more efficient and direct approach.

Bitfinity introduces a new method of Bitcoin and cross-chain asset management using Internet Computer's Chain-Key technology. This allows smart contracts to manage Bitcoin and Ordinal assets in a more secure and transparent way, offering a more robust solution than conventional bridge mechanisms that are often prone to security risks.

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A New Chapter in the DeFi World

Bitcoin's integration with the Internet Computer blockchain at the beginning of the year has opened a new chapter in the world of decentralized finance ( DeFi ). This integration reduces dependency on hardware-based solutions, enables more efficient use of Bitcoin in DeFi, and addresses congestion issues caused by the popularity of the Ordinals protocol.

With the launch of Bitfinity's EVM mainnet fast approaching, Ethereum developers will be able to take advantage of the advantages, including speed, security, cost efficiency, and decentralization of the Internet Computer, along with the integration of Bitcoin as a fully decentralized asset. This marks an important step in Bitcoin's evolution into an integral part of the DeFi landscape.

One of the superior features of Bitfinity EVM is its ability to allow Solidity smart contacts to access ckBTC, a Bitcoin-backed asset, via a Chain-Key scheme. This feature is expected to revolutionize the way decentralized applications are created and interact with Bitcoin, offering fast processing speeds and low transaction fees.

Bitfinity's plans include the integration of Taproot assets, such as Ordinals and BRC-20 tokens , to increase the capabilities and reach of its platform. As it develops, Bitfinity promises major changes in the use of Bitcoin in the digital world, making it an important entity to follow in the future.

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DISCLAIMER : This article is informational in nature and is not advice, recommendation, offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time. Bittime is not responsible for changes in exchange rates or crypto asset prices.