Today: Apr 17, 2024

Bitfinity coins $7M funding, fueling UK-based Blockchain with Ethereum & Bitcoin!

3 months ago

TLDR:

  • UK-based blockchain startup Bitfinity has raised $7 million in funding to incorporate Ethereum and Bitcoin into its platform.
  • The funding will be used to integrate Ethereum Virtual Machine capabilities with Bitcoin to enable faster and cheaper Bitcoin-enabled decentralized finance (DeFi) services.
  • The company’s solution, built on the Internet Computer protocol, offers compatibility with the Ethereum Virtual Machine and boasts speeds 100 times faster than Ethereum.
  • Bitfinity is currently in its testnet phase and aims to revolutionize the DeFi space by enabling high-speed transactions at a fraction of the cost.
  • The funding round was led by Polychain Capital and ParaFi Capital, and included participation from Warburg Serres, Dokia Capital, and Draft Ventures.

UK-based blockchain startup Bitfinity has secured $7 million in funding to incorporate Ethereum and Bitcoin into its platform, according to an article on The Fintech Times. This comes as the company prepares for its mainnet launch, which is set to take place in late January or early February. The funding will be used to integrate Ethereum Virtual Machine capabilities with Bitcoin, potentially enabling faster and cheaper Bitcoin-enabled decentralized finance (DeFi) services.

Bitfinity distinguishes itself as a Bitcoin scaling solution built on the Internet Computer protocol, offering compatibility with the Ethereum Virtual Machine. It enables Ethereum developers to create Bitcoin-enabled decentralized applications (dApps) on the Bitfinity network. The Bitfinity EVM is touted to boast speeds 100 times faster than Ethereum. The innovative platform is currently in its testnet phase, aiming to revolutionize the DeFi space by enabling high-speed transactions at a fraction of the cost associated with Ethereum.

The funding round was led by prominent investors Polychain Capital and ParaFi Capital and also saw participation from Warburg Serres, Dokia Capital, and Draft Ventures. The funding will help bolster Bitfinity’s efforts to integrate Ethereum Virtual Machine capabilities with Bitcoin and further develop its platform. Following the mainnet launch, Bitfinity plans to expand its team and hire more employees to enrich the project’s ecosystem and broaden its feature set.