Bitfinity, a UK-based blockchain startup, has successfully raised $7 million in funding. The investment was received in two parts, with $1 million in 2021 and a recent round of $6 million, which has brought the company’s valuation to $130 million. The funding round was led by Polychain Capital and ParaFi Capital, with participation from Warburg Serres, Dokia Capital, and Draft Ventures.
The funds will be used to enhance Bitfinity’s efforts to integrate Ethereum Virtual Machine (EVM) capabilities with Bitcoin. This integration could potentially enable faster and cheaper Bitcoin-enabled decentralised finance (DeFi) services. The mainnet launch is expected to take place in late January or early February.
Bitfinity was founded by Max Chamberlin in 2021 and is a Bitcoin scaling solution built on the Internet Computer protocol. It offers compatibility with the EVM, allowing Ethereum developers to create Bitcoin-enabled decentralised applications (dApps) on the Bitfinity network. The Bitfinity EVM is said to be 100 times faster than Ethereum. Sonic, Synthetix, and Liquity are some of the dApps that have joined Bitfinity.
The platform is currently in its testnet phase and aims to revolutionize the DeFi space by enabling high-speed transactions at a fraction of the cost associated with Ethereum. Bitfinity’s solution can process over 1000 transactions per second (TPS), which could significantly outpace the current transaction speeds on the Ethereum network.
Bitfinity’s technology is based on its Chain-Key technology, a part of the Internet Computer Protocol (ICP)’s Threshold Relay consensus mechanism. This feature enhances security through a cryptographic scheme that refreshes key shares periodically, providing an additional layer of protection against potential security threats.
Bitfinity currently has a team of around 20 members but plans to expand to 25 following the mainnet launch. The hiring process aims to further enrich the project’s ecosystem by broadening its feature set. After its mainnet debut, several cryptocurrency exchanges are expected to list Bitfinity’s native token, which could improve liquidity and accessibility for the token.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇬🇧 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Max Chamberlin |
| Companies | Dokia Capital, Bitfinity, Polychain Capital, Draft Ventures, ParaFi Capital, Warburg Serres |
| Currencies | Bitcoin, Ethereum |
| Securities | None |
