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 <p class="is-style-lead">Bitfinity Network has raised $7 million from Polychain Capital and ParaFi Capital to establish off-chain infrastructure for Bitcoin and Ordinals.</p>
 <p>In a press release shared with crypto.news, Bitfinity said the proceeds will help it develop a Bitcoin <a rel="noopener noreferrer nofollow" title="sidechain" href="https://thebittimes.com/tag/sidechain.html">sidechain</a> 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.</p>
 <p>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.”</p>
 <blockquote class="wp-block-quote">
  <p>“Bitfinity’s EVM aligns with the Bitcoin mission by effectively functioning as a Bitcoin <a rel="noopener noreferrer nofollow" title="sidechain" href="https://thebittimes.com/tag/sidechain.html">sidechain</a>, with the addition of Taproot assets on the horizon.”</p>
  <p>Max Chamberlin</p>
 </blockquote>
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 <p>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.</p>
 <p>With the latest addition, the Internet Computer ecosystem appears to be doubling down on Bitcoin-related products. In November 2023, crypto.news covered the launch of a non-fungible token (NFT) marketplace named Bioniq, with primary focus on Bitcoin. Developed by Dfinity, the platform <a rel="noopener noreferrer nofollow" title="Category Features" href="https://thebittimes.com/features.html">Features</a> a built-in wallet with an optional Google login via Web3Auth and ensures that traders are not burdened with network transaction or gas fees.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitfinity-allocates-7m-to-create-bitcoin-sidechain-on-internet-computer-tbt76311.html">https://thebittimes.com/bitfinity-allocates-7m-to-create-bitcoin-sidechain-on-internet-computer-tbt76311.html</a></p>

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

TheBitTimes

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