Blockchain project Bitfinity, developing a Bitcoin Layer-2 network based on the Internet Computer protocol, has successfully raised $7 million in funding. Notable investors include Polychain Capital, ParaFi Capital, Warburg Serres, Dokia Capital, and Draft Ventures. Max Chamberlin, the co-founder of Bitfinity, revealed the investment details in an interview.
The funding rounds consisted of an initial seed round of nearly $1 million in 2021 and a subsequent growth round in June, which were both token rounds. The second round elevated Bitfinity’s valuation to $130 million.
Chamberlin stated that they chose to announce the funding to build anticipation for the mainnet launch of the Bitfinity network, which is currently in beta and planned to go live by February.
Bitfinity aims to offer a scaling network for Bitcoin built on the Internet Computer protocol, with the competitive edge of being compatible with the Ethereum Virtual Machine (EVM). This compatibility will enable Ethereum developers to create decentralized applications within the Bitcoin ecosystem on Bitfinity.
With the growth of the Bitcoin ecosystem, notably through the introduction of the Ordinals protocol, the sector is witnessing significant trends for 2024. The native token of the protocol, ORDI, has reached a market value of $1.5 billion, while BRC-20 assets have achieved a market value of $3.43 billion with over $1 billion in transaction volume in the last 24 hours.