The post Bitfinity Network Launches $12M Bitcoin Layer-2 Platform, Bridging Bitcoin and Ethereum Ecosystems appeared on BitcoinEthereumNews.com.

TLDR: Bitfinity Network launches Bitcoin Layer-2 mainnet with $12 million in total funding Uses Internet Computer Protocol’s Chain Fusion Technology for EVM compatibility Raised $7M from institutional investors and $5M through community OTC sales Introduces Bitgems feature for user engagement rewards Network enables Bitcoin-native DeFi with enhanced security through Chain-Key technology Bitfinity Network has officially launched its mainnet, introducing a new Bitcoin Layer-2 solution that bridges the gap between Bitcoin and Ethereum-based decentralized finance (DeFi). The platform secured $12 million in total funding, marking a major development in the cryptocurrency infrastructure space. The funding came from multiple sources, with $7 million raised from institutional investors including Polychain’s Beacon Fund, ParaFi, Draft Ventures, Warburg Series, and 9 Yards Capital. The remaining $5 million was generated through over-the-counter (OTC) token sales, with strong participation from the community. The wait is over! 🤩 #Bitfinity Mainnet is officially live today, November 19th! We’re incredibly grateful to our amazing community for your support ❤️ and to the talented developers who made this milestone possible 💻✨ This marks an exciting new chapter for blockchain… pic.twitter.com/Em9IDR7Soh — Bitfinity Network (@bitfinitynet) November 19, 2024 Bitfinity’s new platform leverages Internet Computer Protocol’s (ICP) Chain Fusion Technology, enabling Bitcoin-native assets to operate within an Ethereum-compatible ecosystem. This integration allows for the development of Bitcoin smart contracts while maintaining security and decentralization. The network implements a threshold signature scheme to create a decentralized bridge to Ethereum, removing the need for centralized intermediaries. This approach gives users more control over their assets while enhancing security measures. A key feature of the platform is its Chain-Key technology, which supports large signing committees capable of handling Bitcoin Schnorr and ECDSA transactions. This provides stronger security compared to traditional multi-signature solutions used by most Layer-2 networks. The launch includes the introduction of Bitgems, a new…

---

Filed under: News - @ November 20, 2024 12:25 pm