Infra Firm Set to Launch EVM That Solves Bitcoin’s Limited Use Issue, Secures $7 Million
Web3 infrastructure firm Bitfinity Network has raised millions from major backers, while nearing the launch of its Ethereum Virtual Machine (EVM). Its founder talked with Cryptonews about how this EVM works to solve the issue of Bitcoin’s limited use, as well as about a potentially incoming wave of DeFi and tokenization on Bitcoin similar to that on Ethereum.
Bitfinity Network has successfully secured over $7 million in funding from major backers. These include Polychain Capital and ParaFi Capital. Max Chamberlin, Founder of Bitfinity, said the team is “thrilled to announce support from two leading investors in the blockchain space.”
According to the press release shared with Cryptonews, the funds will be utilized for the project’s “mission to establish off-chain infrastructure for Bitcoin and Ordinals. “
Chamberlin added that the backing reaffirms the company’s mission to bring greater utility to developers within the Bitcoin, Solidity, and Internet Computer (ICP) communities.
Ben Forman, Managing Partner at ParaFi Capital, said that solidity developers now benefit from Bitfinity’s high throughput, low fees, and Bitcoin-native support.
The announcement noted that this significant raise coincides with the development of the Bitfinity Ethereum Virtual Machine (EVM).
The team describes it as a Bitcoin sidechain integrated into the Internet Computer blockchain. There is also “the addition of Taproot assets on the horizon.”
It enables solidity developers and existing EVM-compatible services to build Bitcoin-enabled decentralized apps (dapps).
The Bitfinity EVM will enable the deployment of EVM dapps with speeds 100 times faster than Ethereum and at a fraction of the cost, the team claims.
The integration connects “the worlds of
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