Fiamma Secures $4M Seed Round Led by Lightspeed Faction and L2 Iterative Ventures

Singapore, December 4, 2024 — Fiamma, an innovative Bitcoin and Zero Knowledge (ZK) infrastructure company, has announced the completion of an oversubscribed $4 million seed funding round. The investment was led by Lightspeed Faction and L2 Iterative Ventures (L2IV), with participation from notable investors such as Astera Ventures, Contribution Capital, Sats Ventures, Chapter One, FoundersHead, and BOB (Build on Bitcoin), alongside angel investors including the founders of Satlayer and Daedalus.

This seed round will enable Fiamma to scale its operations, accelerate product development, and drive the adoption of its groundbreaking technologies: Fiamma Bridge and Fiamma Layer. Fiamma Bridge is the first trust-minimized Bitcoin bridge, while Fiamma Layer is the first ZK verification layer for Bitcoin, powered by BitVM2, a revolutionary innovation that enhances Bitcoin's programmability and scalability.

Transforming Bitcoin Into a Programmable Asset

Bitcoin is one of the world’s most valuable assets, yet over 98% of it remains dormant. Fiamma aims to unlock the untapped potential of Bitcoin by transforming it into a dynamic, programmable asset that can power a wide range of real-world applications, all while maintaining its core principles of trustlessness and security.

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

Fiamma's core innovations are based on BitVM2, a breakthrough technology that allows Bitcoin to scale and interact with other programmable blockchains in a trustless and secure way. The company has pioneered the development of efficient and minimal verifiers within Bitcoin's scripting language, using tools like Fflonk and Groth16 to create optimized ZK verification. These advancements are laying the groundwork for the next phase of Bitcoin’s evolution, opening the door to use cases previously thought impossible on the Bitcoin network.

Expanding Bitcoin’s Capabilities with ZK Technology

“Seven years as a ZK enthusiast, inspired by the BitVM paper, led us to develop the first functional ZK verifiers for Bitcoin,” said Cyimon Chen, co-founder and CTO of Fiamma. “Fiamma’s use of BitVM2 pushes the boundaries of Bitcoin’s scripting capabilities, making decentralized applications (dApps), trustless smart contracts, and composable decentralized finance (DeFi) possible without compromising Bitcoin's security or decentralization.”

With Fiamma’s technologies, Bitcoin can now power a variety of programmable financial systems, including stablecoins, payments, lending platforms, decentralized applications, cross-chain interoperability, and more. By introducing BitVM2, Fiamma is unlocking Bitcoin’s potential as the backbone of the decentralized internet and financial ecosystem.

Partnerships and Ecosystem Development

Fiamma is actively collaborating with strategic partners within both the ZK and Bitcoin ecosystems to accelerate the adoption of its innovations. These partnerships will drive forward the use of Bitcoin in real-world applications, making it the foundation for an emerging decentralized digital economy.

To celebrate its funding milestone, Fiamma is launching the Mama Code testnet campaign. This initiative invites early adopters to engage with the Fiamma Bridge and explore its innovative capabilities, with rewards available for those who participate.

Investor Reactions: A Game-Changing Investment

Clara Boh at Lightspeed Faction commented, “Trustless bridging infrastructure is crucial to maximizing Bitcoin’s utility. 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’re excited to support the Fiamma team in refining new opportunities for the Bitcoin ecosystem.”

Kevin Lee and Weikeng Chen at L2IV added, “Fiamma is a groundbreaking step forward in expanding Bitcoin’s functionality. Its unique design integrates advanced off-chain computation and verification through BitVM2, unlocking programmability and scalability without compromising Bitcoin’s core security and decentralization principles. Fiamma enables trustless smart contracts and composable DeFi, previously thought unattainable on Bitcoin. We are proud to lead this financing round and see Fiamma as a pivotal force in reshaping Bitcoin’s future.”

About Fiamma

Fiamma is revolutionizing Bitcoin’s role in the digital economy by unlocking its potential for real-world applications. With its flagship products, Fiamma Bridge and Fiamma Layer, Fiamma is the first company to implement BitVM2, allowing Bitcoin to scale and interact with other programmable blockchains. These innovations are only the beginning as Fiamma continues to push the boundaries of what is possible with Bitcoin, bringing its trustless, secure nature into everyday use.

Backed by Lightspeed Faction and L2 Iterative Ventures, Fiamma is paving the way for a new era of Bitcoin applications. The company’s technologies will make Bitcoin the foundation of decentralized finance, smart contracts, and cross-chain interoperability, offering an entirely new realm of possibilities for developers and users.

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