$BTC
Bitfinity Network is a Bitcoin Layer 2 solution that has announced the completion of a $12 million financing round. This round includes a $7 million investment from well-known institutions such as Polychain Beacon Fund, ParaFi, Draft Ventures, and Warburg Serres, as well as $5 million raised through community over-the-counter (OTC) token sales. The project plans to utilize the Chain Fusion technology of the Internet Computer Protocol (ICP) to enable the operation of Bitcoin native assets within an Ethereum-compatible ecosystem. The Chain Fusion technology allows different blockchains to 'fuse' together, creating a seamless single-chain user experience, which is particularly important for multi-chain dapps. Through Chain Fusion, Bitfinity Network will be able to operate Bitcoin native assets in an Ethereum-compatible ecosystem, bringing decentralized finance (DeFi) capabilities compatible with the Ethereum Virtual Machine (EVM) to Bitcoin. Furthermore, the security of Bitfinity Network's L2 network is enhanced by leveraging a robust proof-of-stake protocol using Chain-Key technology. The Chain Fusion technology enables smart contracts to interact with multiple networks, allowing developers to implement multi-chain use cases and benefit from ICP capabilities. Through this technology, Bitfinity Network will be able to host decentralized applications including Sonic, Chapswap, Lendfinity, and Omnity Bridge.
