Bitfinity Network launches Bitcoin L2 network and announces the completion of a $12 million financing
According to Cointelegraph, the Bitcoin Layer2 solution Bitfinity Network has been launched and completed a $12 million financing round. It aims to create decentralized finance (DeFi) features for Bitcoin that are compatible with the Ethereum Virtual Machine (EVM). This funding round includes $7 million from well-known supporters including Polychain Beacon Fund, ParaFi, Draft Ventures, and Warburg Serres among others. An additional $5 million came from off-market token sales.
It is reported that Bitfinity Network will use chain fusion technology of Internet Computer Protocol (ICP) to enable native Bitcoin assets "to operate in an ecosystem compatible with Ethereum". In addition, the security of its L2 network is enhanced by "utilizing a strong proof-of-stake protocol through Chain-Key technology".
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