Based

Internet Computer

Bitcoin

Million

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitfinity-raises-7-million-for-bitcoin-layer-2-network-based-on-internet-computer-protocol/" data-wpel-link="internal">Bitfinity Raises $7 Million for Bitcoin Layer-2 Network Based on Internet Computer Protocol</a><br></p>
<p class="p1" style="text-align: justify">Blockchain project Bitfinity, which is developing a <a href="https://en.coin-turk.com/bitcoin-no-longer-a-passing-fancy-asserts-grayscale-ceo-michael-sonnenshein/" data-wpel-link="internal">Bitcoin</a> Layer-2 network based on the Internet Computer protocol, has successfully raised a total of $7 million in funding. In an interview, Bitfinity co-founder Max Chamberlin revealed that the investors included Polychain Capital, ParaFi Capital, Warburg Serres, Dokia Capital, and Draft Ventures.</p> 
<h2 class="p1" style="text-align: justify" id="launch-date-announced-for-bitfinity">Launch Date Announced for Bitfinity</h2> 
<p class="p1" style="text-align: justify">Max Chamberlin explained that the investment round was conducted in two parts: a seed round of approximately $1 million in 2021 and a growth round last June. He added that both rounds were token rounds and that the second round increased Bitfinity’s valuation to $130 million.</p> 
<p class="p1" style="text-align: justify">Chamberlin mentioned that they preferred to announce the funding now to create anticipation for Bitfinity’s mainnet launch. According to Chamberlin, Bitfinity, which is currently in beta, plans to initiate its mainnet launch by February.</p> 
<p class="p1" style="text-align: justify">Bitfinity will be presented to users as a Bitcoin scaling network built on the Internet Computer protocol. Chamberlin stated that its competitive advantage is compatibility with the Ethereum Virtual Machine, which will enable Ethereum developers to create decentralized applications within the Bitcoin ecosystem on Bitfinity:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“Bitfinity will process not only Bitcoin Ordinals and BRC-20 assets but also EVM assets. Bitfinity EVM aims to deploy EVM dApps at a speed 100 times faster than Ethereum and at a fraction of the cost.”</p> 
</blockquote> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-301287 size-full" src="https://coin-turk.com/wp-content/uploads/2024/01/Bitfinity.jpg" alt="" width="1200" height="600"></p> 
<h2 class="p1" style="text-align: justify" id="bitcoin-and-blockchain-space">Bitcoin and Blockchain Space</h2> 
<p class="p1" style="text-align: justify">The growth of the Bitcoin ecosystem, with the introduction of the Ordinals protocol to users last year, is seen as a significant trend for 2024. According to CoinGecko data, the protocol’s native token, ORDI, has reached a market value of $1.5 billion, while BRC-20 assets have a market value of $3.43 billion with a transaction volume exceeding $1 billion in the last 24 hours.</p> 
<p class="p1" style="text-align: justify">Chamberlin stated that Bitfinity aims to further develop decentralized <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">finance</a> activities within the Bitcoin ecosystem. Ben Forman, managing partner at ParaFi Capital, commented on the matter:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“As the demand to integrate Bitcoin into blockchain ecosystems increases, we believe that Bitfinity’s EVM opens up the Bitcoin ecosystem to new use cases and applications. Solidity developers can now benefit from Bitfinity’s high efficiency, low fees, and Bitcoin-specific support.”</p> 
</blockquote> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitfinity-raises-7-million-for-bitcoin-layer-2-network-based-on-internet-computer-protocol/" data-wpel-link="internal">Bitfinity Raises $7 Million for Bitcoin Layer-2 Network Based on Internet Computer Protocol</a></h5>

Bitfinity Raises $7 Million for Bitcoin Layer-2 Network Based on Internet Computer Protocol

Table of Contents

COINTURK NEWS

Other articles published on Jan 11, 2024

Coinbase CEO & CLO Credit Grayscale For Historic Bitcoin ETF Win

Elon Musk Sparks Debate on Cryptocurrency Use on Mars

Expert Analysis Forecasts Bullish Momentum for ORDI Amid Uptrend

Why Crypto Market is Up Today? Here Are the Major Reasons

2024 with FIO: Simplifying Crypto Transactions 🚀🌐

‘I Still Own A Bunch Of Dogecoin,’ Tesla CEO Elon Musk Reveals

Join our free newsletter for daily crypto updates!