Bitfinity, a Bitcoin Layer 2 network compatible with EVM and based on the Internet Computer protocol, has completed a total fundraising of $7 million.
The funding was obtained through token rounds, with the latest valuation reaching $130 million, as stated by Max Chamberlin, co-founder of Bitfinity.
Bitfinity redefines the landscape of layer 2 solutions for Bitcoin
As anticipated, Bitfinity, a blockchain project focused on developing a layer 2 network for Bitcoin based on the Internet Computer (ICP) protocol, has completed a total fundraising of $7 million.
The investors who participated include important names such as Polychain Capital, ParaFi Capital, Warburg Serres, Dokia Capital, and Draft Ventures. This is according to Max Chamberlin, co-founder of Bitfinity, in an interview with The Block.
The fundraising has been divided into two phases. A first seed round of approximately 1 million dollars in 2021 and a growth round that completed the remaining amount in June of the same year.
Both rounds were token-based, with the second round bringing Bitfinity’s valuation to 130 million dollars.
Chamberlin explained that the funding announcement was made at this time to create anticipation for the imminent launch of Bitfinity’s mainnet.
Currently in the testnet phase, Bitfinity aims to release the mainnet by the end of this month or early February.
We remind you that Bitfinity stands out as a Bitcoin scaling network built on the Internet Computer protocol.
Its distinctive feature is compatibility with the Ethereum Virtual Machine (EVM). This allows Ethereum developers to create decentralized applications compatible with Bitcoin on Bitfinity.
Some statements by Max Chamberlin
Chamberlin has emphasized that Bitfinity will not only manage Bitcoin’s Ordinals and BRC-20 tokens, but will also support EVM assets.
The Bitfinity EVM, Chamberlin stated, allows for the implementation of EVM dApps at speeds 100 times faster than Ethereum and at a fraction of the cost.
The growth of the Bitcoin ecosystem is considered a key trend for 2024, driven by the success of the Ordinals protocol in the previous year.
The native token ORDI has reached a market capitalization of 1.5 billion dollars.
The BRC-20 tokens, overall, boast a market capitalization of $3.43 billion with a trading volume exceeding $1 billion in the last 24 hours, according to CoinGecko data.
Bitfinity aims to further empower decentralized finance activities on the Bitcoin blockchain, Chamberlin concluded.
The expansion of the Bitfinity team after the mainnet launch
Recently, Bitfinity has gained the attention of several successful dApps. Among these are the decentralized exchange Sonic, the derivatives liquidity protocol Synthetix, and the decentralized lending protocol Liquidity, as stated by Chamberlin.
Ben Forman, managing partner of ParaFi Capital, emphasized that with the increasing demand for Bitcoin integration, Bitfinity’s EVM offers new use cases and applications to the Bitcoin ecosystem.
Solidity developers can now benefit from Bitfinity’s high throughput, low fees, and native Bitcoin support.
The current Bitfinity team consists of about twenty people, but Chamberlin aims to expand it to about twenty-five in the coming months after the mainnet launch. The goal is to build and significantly grow the platform’s ecosystem.
Regarding the Bitfinity token, Chamberlin announced that several exchanges are about to list it after the mainnet launch, anticipating greater visibility and accessibility of the token to market users.