Bitfinity pledges $7 million for the development of a Bitcoin sidechain on the Internet Computer platform.
Bitfinity Network has secured a $7 million investment from Polychain Capital and ParaFi Capital to establish off-chain infrastructure for Bitcoin and Ordinals. The funding will be used to develop a Bitcoin sidechain on the Internet Computer blockchain called the Bitfinity Ethereum Virtual Machine (EVM). This will allow blockchain developers to create Bitcoin-enabled decentralized applications (dApps) using the Solidity programming language on the Internet Computer platform.
Max Chamberlin, the founder of Bitfinity, highlighted the advantages of the Bitfinity EVM, stating that it will enable the deployment of dApps that are “100 times faster than Ethereum and at a fraction of the cost.” The Bitfinity EVM has undergone an audit by Quantstamp to ensure its security and reliability.
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. Ben Forman, the managing partner at ParaFi Capital, emphasized that the investment reflects the growing demand to integrate Bitcoin into new networks for various use cases and applications.
This investment marks a further expansion of Bitcoin-related products within the Internet Computer ecosystem. In November 2023, the launch of Bioniq, a non-fungible token (NFT) marketplace with a focus on Bitcoin, was covered by crypto.news. Developed by Dfinity, Bioniq features a built-in wallet with optional Google login via Web3Auth and eliminates network transaction or gas fees for traders.
The Internet Computer (ICP) ecosystem is demonstrating a renewed focus on Bitcoin integration, showcasing the platform’s commitment to expanding its capabilities and providing innovative solutions for its users.
