{"id":99986,"date":"2024-11-19T12:29:30","date_gmt":"2024-11-19T16:29:30","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=99986"},"modified":"2024-11-19T12:29:37","modified_gmt":"2024-11-19T16:29:37","slug":"bitfinity-network-receives-12m-funding-for-bitcoin-l2","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitfinity-network-receives-12m-funding-for-bitcoin-l2\/","title":{"rendered":"Bitfinity Network Receives $12M Funding for Bitcoin L2"},"content":{"rendered":"\n

With $12 million in funding, Bitfinity Network has launched a new Bitcoin layer-2 (L2) solution<\/a> that aims to develop deFi functionality for Bitcoin that is compatible with the Ethereum Virtual Machine (EVM).<\/p>\n\n\n\n

\"Bitfinity
Bitfinity Network Receives $12M Funding for Bitcoin L2<\/figcaption><\/figure>\n\n\n\n

The project received $5 million in over-the-counter (OTC) token sales, primarily contributed by the community, and support from institutional investors such as Polychain and ParaFi earlier in 2024.<\/p>\n\n\n\n

The Bitcoin L2 will use the Chain Fusion Technology of the Internet Computer Protocol<\/a> (ICP) to allow Bitcoin-native assets to function in an Ethereum-compatible ecosystem, according to a press release disclosed to Cointelegraph.<\/p>\n\n\n\n

New L2 solutions are opening new avenues for Bitcoin as interest in the asset's utility grows beyond a store of value, and the price of BTC recently broke $92,000.<\/p>\n\n\n\n

Investor support<\/h2>\n\n\n\n

Polychain's Beacon Fund, ParaFi, Draft Ventures, and Warburg Serres, among others, contributed $7 million to the funding round.<\/p>\n\n\n\n

The Bitfinity Network platform will be further developed and adopted with the assistance of the $5 million raised primarily through the community, which grassroots contributors and crypto influencers have supported.<\/p>\n\n\n\n

The platform is experiencing a change in dynamics, as a spokesperson from Bitfinity informed Cointelegraph, “With institutional ETFs on the horizon and a new regime marking Bitcoin more accessible to institutions.”<\/p>\n\n\n\n

\n

\u201cAt Bitfinity, we\u2019re […] pioneering a side-chain infrastructure layer to boost scalability, unlock cross-chain functionality, and broaden Bitcoin\u2019s applications.\u201d<\/p>\n<\/blockquote>\n\n\n\n

DApp hosting programs and security enhancements<\/h2>\n\n\n\n

Bitfinity's spokesperson said the security of its L2 network is fortified by “a robust proof-of-stake protocol that leverages Chain-Key technology.”<\/p>\n\n\n\n

\n

\u201cChain-Key supports large signing committees capable of handling Bitcoin Schnorr and ECDSA transactions, offering stronger security than traditional multi-sigs used by most L2s.\u201d<\/p>\n<\/blockquote>\n\n\n\n

The spokesperson also disclosed that the ecosystem has plans to host decentralized applications (DApps) such as Sonic, Chapswap, Lendfinity, and Omnity Bridge\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>.<\/p>\n\n\n\n

\n

\u201cBitfinity has backing from the founder of Liquity, which was a billion-dollar TVL borrowing and lending protocol, and we have plans to introduce similar solutions to our platform soon.\u201d<\/p>\n<\/blockquote>\n\n\n\n

ICP Usage increases by 13 times<\/h2>\n\n\n\n

The Dfinity Foundation, a developer, reported on November 4 that ICP's cross-chain messaging protocol Chain Fusion experienced a 1,230% increase in utilization year-over-year due to BTC-native applications.<\/p>\n\n\n\n

The BTC network's deployment of smart contracts and complex programming through applications such as Rainbow Protocol, Tap Protocol, and Bitfinity, which utilize ICP, was the cause of the spike.<\/p>\n\n\n\n

Chain Fusion makes smart contracts for BTC possible through ICP by “directly” interacting with the network “without using trusted bridges,” according to the Dfinity Foundation in an interview with Cointelegraph.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

With $12 million in funding, Bitfinity Network has launched a new Bitcoin layer-2 (L2) solution that aims to develop deFi functionality for Bitcoin that is compatible with the Ethereum Virtual Machine (EVM). The project received $5 million in over-the-counter (OTC) token sales, primarily contributed by the community, and support from institutional investors such as Polychain […]<\/p>\n","protected":false},"author":12,"featured_media":100015,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[17896,22886,1644],"class_list":["post-99986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin-l2","tag-bitfinity-network","tag-evm"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/11\/Biffinity-Network.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/99986","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=99986"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/99986\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/100015"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=99986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=99986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=99986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}