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Bitfinity's $7 Million Boost: Accelerating Bitcoin's DeFi Revolution

Bitfinity, the trailblazing blockchain startup crafting a Bitcoin Layer 2 network, is making waves with $7M in funding
By Josefina Dipaolo
January 16, 2024

In the dynamic realm of blockchain innovation, UK-based Bitfinity has clinched a substantial $7 million in funding, marking a pivotal moment for the startup's vision. This financial infusion, led by prominent investors Polychain Capital and ParaFi Capital, positions Bitfinity at a robust valuation of $130 million. As the blockchain trailblazer gears up for its mainnet launch in late January or early February, the funding is poised to catapult Bitfinity's mission of integrating Ethereum Virtual Machine (EVM) capabilities with Bitcoin into reality. Let's delve into how this startup is poised to reshape the decentralized finance (DeFi) landscape.

Founded by Max Chamberlin in 2021, Bitfinity is not merely a blockchain startup; it's a force set to redefine the DeFi space. Positioned as a Bitcoin Layer 2 network built on the Internet Computer protocol, Bitfinity sets itself apart by seamlessly integrating Ethereum Virtual Machine (EVM) capabilities. This strategic move enables Ethereum developers to craft Bitcoin-enabled decentralized applications (dApps) on the Bitfinity network. Notably, the Bitfinity EVM boasts a staggering speed, outpacing Ethereum by a factor of 100.

The recently secured $7 million, split into a $1 million investment in 2021 and a substantial $6 million in the latest round, is a testament to Bitfinity's ambitious goals. As the company gears up for its mainnet launch, this funding injection serves as rocket fuel, propelling the platform toward its mission of facilitating high-speed, cost-effective transactions within the DeFi ecosystem.

Bitfinity's technological prowess lies in its revolutionary Chain-Key technology, an integral part of the Internet Computer Protocol's Threshold Relay consensus mechanism. This cryptographic gem enhances security by refreshing key shares periodically, providing an additional layer of protection against potential threats. As the platform moves from its testnet phase to the mainnet launch, the Chain-Key technology is set to play a pivotal role in fortifying Bitfinity's position as a secure and high-performance blockchain solution.

In a landscape characterized by rapid advancements, Bitfinity's journey is nothing short of a DeFi odyssey. The $7 million funding infusion, the imminent mainnet launch, and the groundbreaking technology at its core position Bitfinity as a formidable player in the intersection of Bitcoin and DeFi. As the startup plans to expand its team, list its native token on cryptocurrency exchanges, and unleash its mainnet to the world, the future holds the promise of a decentralized financial ecosystem transformed by Bitfinity's innovative approach.

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