Ethereum

Internet Computer

Bitcoin

Read

Bitfinity Network has raised $7 million from Polychain Capital and ParaFi Capital to establish off-chain infrastructure for Bitcoin and Ordinals. 
In a press release shared with crypto.news, Bitfinity said the proceeds will help it develop a Bitcoin sidechain on the Internet Computer blockchain called the Bitfinity Ethereum Virtual Machine (EVM). With the new solutions, blockchain developers could build Bitcoin-enabled decentralized apps on Internet Computer using Solidity programming language. 
Max Chamberlin, the founder of Bitfinity, highlighted that the Bitfinity EVM, audited by Quantstamp, will facilitate the deployment of decentralized applications “with speeds 100 times faster than Ethereum and at a fraction of the cost.” 
<blockquote class="wp-block-quote"> 
 “Bitfinity’s EVM aligns with the Bitcoin mission by effectively functioning as a Bitcoin sidechain, with the addition of Taproot assets on the horizon.” 
 Max Chamberlin 
</blockquote> 
 You might also like: <a href="https://crypto.news/developer-asks-community-not-to-underestimate-bitcoin-ordinals/"> Developer asks community not to underestimate Bitcoin Ordinals </a> 
Utilizing the Internet Computer’s Chain-Key threshold signature scheme, Bitfinity aims 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 funding reflects the increasing demand to integrate Bitcoin into new networks for novel use cases and applications. 
With the latest addition, the Internet Computer ecosystem appears to be doubling down on Bitcoin-related products. In November 2023, crypto.news <a href="https://crypto.news/bitcoin-ordinals-marketplace-bioniq-launches-on-icp/" target="_blank" rel="noreferrer noopener">covered</a> the launch of a non-fungible token (NFT) marketplace named Bioniq, with primary focus on Bitcoin. Developed by Dfinity, the platform features a built-in wallet with an optional Google login via Web3Auth and ensures that traders are not burdened with network transaction or gas fees. 
 Read more: <a href="https://crypto.news/internet-computer-icp-is-slowly-making-a-comeback/"> Internet Computer (ICP) is slowly making a comeback </a>

Bitfinity allocates $7m to create Bitcoin sidechain on Internet Computer

crypto.news

Other articles published on Jan 11, 2024

Microsoft Surpasses Apple as Largest Company by Market Cap

Why Joe Biden’s economic success goes unnoticed

Socrates Leads Debate2Earn Revolution with New Pioneer Pen

Analyst Vijay Boyapati Highlights the Potential Impact of a Bitcoin ETF Approval

Ripple CEO Celebrates SEC Approval

Phoenix Group expands mining fleet with $187m Bitmain deal post-IPO

Join our free newsletter for daily crypto updates!