Bitfinity Network Raises $7 mn

Bitfinity Network Raises $7 mn

Bitfinity Network has raised over $7 million to develop an Ethereum Virtual Machine (EVM) compatibility layer for the Internet Computer. 

This will enable solidity developers and existing EVM-compatible services to build Bitcoin-enabled decentralized apps (dApps). 

The company aims to establish off-chain infrastructure for Bitcoin and Ordinals, including the creation of a Bitcoin sidechain integrated into the Internet Computer blockchain. 

The Internet Computer is a blockchain-based computing platform designed to extend the internet’s functionality and provide a secure and scalable environment for hosting decentralized applications and smart contracts. 

Bitfinity distinguishes itself with its use of the Internet Computer’s threshold signature scheme, Chain-Key, which ensures secure on-chain holding and transfer of Bitcoin and Ordinal assets. 

This integration makes Bitfinity the first EVM to integrate with the Bitcoin network without relying on traditional intermediary bridges, unlocking new possibilities for decentralized finance applications.

(With inputs from Shikha Singh)

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