Bitfinity raises $6m led by Polychain Capital and ParaFi Capital to expand its blockchain scaling network.
The funding values the blockchain startup at $130m as it prepares for an upcoming mainnet launch.
≈ £4.7M at $1 = £0.7846 on 12 Jan 2024
Bitfinity develops a Bitcoin Layer 2 network on the Internet Computer protocol with Ethereum Virtual Machine compatibility.
Bitfinity, a UK blockchain startup scaling Bitcoin through a Layer 2 network, has secured $6m in new funding at a $130m valuation. Polychain Capital and ParaFi Capital led the round, with additional backing from Warburg Serres, Dokia Capital, and Draft Ventures.
The capital will support the company as it integrates Ethereum Virtual Machine capabilities with Bitcoin to facilitate faster and cheaper decentralised finance services. The raise coincides with preparations for a mainnet launch scheduled for late January or early February.
Founded in 2021, the firm employs approximately 20 people and plans to increase headcount following its mainnet debut. Its technology relies on Internet Computer Protocol features to support high transaction speeds for developers.
Use of funds
- 01Grow the team