Fiamma Announces $4M Seed Round Led By Lightspeed Faction and L2 Iterative Ventures

Investment Will be Leveraged to Revolutionize Bitcoin with Trust-Minimized and ZK Infrastructure Solutions

SINGAPORE, Dec. 4, 2024 /PRNewswire/ -- Fiamma, a Bitcoin and ZK infrastructure company transforming Bitcoin into a dynamic and programmable asset, today announced an oversubscribed $4M seed round investment led by Lightspeed Faction and L2IV. Additional participating investors include Astera Ventures, Contribution Capital, Sat Ventures, Chapter One, and FoundersHead. The investment also includes participation from key strategic investors in the Bitcoin infrastructure space, such as BOB (Build on Bitcoin), alongside various angel investors such as the founders of Satlayer and Daedalus.

The company plans to utilize this investment to scale Fiamma's operations, accelerate product development, and drive adoption of its foundational technologies; Fiamma Bridge, the first trust-minimized Bitcoin bridge, and Fiamma Layer, the first ZK verification layer on Bitcoin powered by BitVM2.

Yovela Luo, co-founder and CEO of Fiamma, states: "Bitcoin is one of the world's most valuable assets, yet over 98% of it remains idle. At Fiamma, we're activating this dormant asset, utilizing it in the most trustless and secure manner. This ushers in a Bitcoin renaissance, seamlessly weaving it into everyday life."

Fiamma's innovations represent the first implementations of BitVM2, a breakthrough that enables Bitcoin to not only scale but also interact with other programmable blockchains in the most trustless way. The company pioneered the development and implementation of the most efficient and smallest verifiers in Bitcoin script (Fflonk and Groth16). This innovation lays the groundwork for highly optimized ZK verification, with a continued commitment to advancing and refining these verifiers.

Cyimon Chen, co-founder and CTO of Fiamma, remarks: "With seven years as a ZK enthusiast and inspired by the BitVM paper, we quickly harnessed our expertise to develop the first functional ZK verifiers for Bitcoin."

Bitcoin's unmatched security and decentralized nature have long been underutilized for real-world applications. Fiamma's groundbreaking technology unlocks Bitcoin's potential to power programmable financial systems, including but not limited to stablecoins, payments, lending platforms, decentralized applications, pragmatically trustless cross-chain interoperability, DeFi protocols, and other innovative use cases—all while maintaining a trust-minimized and secure architecture.

As part of a broader ecosystem effort, Fiamma is working closely with strategic partners including the ones in the ZK and Bitcoin space. These collaborations will accelerate innovation and adoption while positioning Bitcoin as the backbone of the decentralized internet and financial systems. To celebrate this milestone, Fiamma is launching The Mama Code testnet campaign, inviting users to engage with the Fiamma Bridge and explore its innovative capabilities. Early adopters can participate and earn rewards.

Investor Quotes

Clara Boh at Lightspeed Faction, said "trustless bridging infrastructure is needed to maximize the utility and functionality of Bitcoin. Fiamma's implementation of BitVM2 via its Bitcoin-secured ZK proof verification network paves the way for trustless bridging, scalability and Bitcoin-native applications. We are excited to support the Fiamma team as they strive to refine new opportunities for the Bitcoin ecosystem."

Kevin Lee and Weikeng Chen at L2IV, added "Fiamma represents a groundbreaking step forward in bringing additional functionality to Bitcoin. Its unique architectural design seamlessly integrates advanced off-chain computation and verification through BitVM2, unlocking programmability and scalability without compromising Bitcoin's core security and decentralization principles. By leveraging this innovative framework, Fiamma enables features such as trustless smart contracts and composable DeFi, previously thought unattainable on Bitcoin.

The introduction of BitVM2 is particularly transformative—it pushes the boundaries of Bitcoin's scripting capabilities, allowing for more expressive and flexible execution of decentralized applications. This not only enhances the utility of Bitcoin but also redefines its role within the broader blockchain ecosystem. At L2 Iterative Ventures, we are proud to lead this financing round, recognizing Fiamma as a catalyst for innovation and a pivotal force in reshaping Bitcoin's future. Their solution positions Bitcoin as a true hub for decentralized applications, making it a cornerstone for the next wave of blockchain adoption."

About Fiamma
Fiamma is unlocking real-world use cases for Bitcoin, transforming it into a dynamic asset and the foundation for a decentralized internet and financial system. Backed by Lightspeed Faction and L2IV, Fiamma leads innovation with the Fiamma Bridge and Fiamma Layer, the first products to implement BitVM2. These foundational technologies are just the beginning, as Fiamma continues to develop protocols that expand Bitcoin's potential across programmable blockchains and real-world applications.

For more information, visit fiammachain.io or follow us on Twitter.

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SOURCE Fiamma