© Reuters
SAN FRANCISCO – Bitfinity, a blockchain technology company, 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) and , using the Internet Computer Protocol (ICP) to enhance decentralized financial (DeFi) operations and expand smart contract features for Bitcoin assets.
The innovative platform is currently in the testnet phase and aims 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 capacity to process over 1,000 transactions per second (TPS), which could significantly exceed current transaction speeds on the Ethereum network.
A key part 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 enhance security through a cryptographic scheme that periodically refreshes key shares, providing an additional layer of protection against potential security threats.
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