PANews reported on November 19 that according to Cointelegraph, Bitcoin Layer2 solution Bitfinity Network has been launched and completed $12 million in financing, aiming to create decentralized finance (DeFi) functions for Bitcoin that are compatible with the Ethereum Virtual Machine (EVM). This round of financing includes $7 million from well-known supporters, including Polychain Beacon Fund, ParaFi, Draft Ventures and Warburg Serres, and another $5 million from over-the-counter token sales.
According to the introduction, Bitfinity Network will use the chain fusion technology of the Internet Computer Protocol (ICP) to enable Bitcoin native assets "to operate in an ecosystem compatible with Ethereum". In addition, the security of its L2 network is strengthened by "a strong proof-of-stake protocol utilizing Chain-Key technology."
