Bitfinity raises $7 million to integrate Ethereum and Bitcoin
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SAN FRANCISCO – Bitfinity, a blockchain technology firm, has successfully raised $7 million in a funding round led by prominent investors including Polychain Capital and ParaFi Capital. The company is at the forefront of developing a sidechain that will bridge the Ethereum Virtual Machine (EVM) with Bitcoin, utilizing the Internet Computer Protocol (ICP) to enhance decentralized finance (DeFi) operations and expand smart contract functionalities for Bitcoin assets.
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. Bitfinity’s solution boasts an impressive capability of processing over 1000 transactions per second (TPS), which could significantly outpace the current transaction speeds on the Ethereum network.
A key component of Bitfinity’s technology is its Chain-Key technology, which is part of the ICP’s Threshold Relay consensus mechanism. This feature is designed to bolster security through a cryptographic scheme that refreshes key shares periodically, thus providing an additional layer of protection against potential security threats.
