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    Bitfinity Network secures $12 million to merge Bitcoin with Ethereum DeFi capabilities using Internet Computer Protocol

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    Bitfinity Network, a new Bitcoin enhancement with $12 million funding, aims to create an Ethereum-driven way to use Bitcoin for decentralized finance (DeFi). Funded by prominent investors such as Polychain and ParaFi, Bitfinity will use Internet Computer Protocol’s Chain Fusion to enable Bitcoin assets to operate within an Ethereum-like framework. The project’s funding includes contributions from significant supporters and $5 million gathered through token sales from supporters in the crypto community. Bitfinity aims to foster Bitcoin’s scalability and utility, leveraging Chain-Key technology to bolster security on its layer 2 network. Additionally, Bitfinity plans to introduce decentralized applications backed by Liquity’s founder.

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    Bitfinity Network, a new Bitcoin enhancement, has successfully launched with $12 million of funding. The goal? To create an Ethereum-friendly way to use Bitcoin for decentralized finance (DeFi), basically a more public and transparent kind of banking.

    This project secured support from some big-name investors such as Polychain and ParaFi back in 2024, and thanks to a community-backed sum of $5 million through token sales.

    So, how does it work? Well, Bitfinity is going to use a technology called Internet Computer Protocol’s (ICP) Chain Fusion. This allows Bitcoin-based assets to move and function within an Ethereum-style framework.

    With the value of Bitcoin recently shooting past $92,000, and growing interest in Bitcoin’s potential uses beyond just being a hard-to-trace currency, solutions like Bitfinity are creating exciting new opportunities for Bitcoin.

    The funding for Bitfinity included $7 million from high-profile supporters including Polychain’s Beacon Fund, ParaFi, Draft Ventures and Warburg Serres and others. Also, $5 million was raised by everyday supporters and influencers in the crypto world to help with the development and adoption of the Bitfinity Network platform.

    A Bitfinity representative mentioned, “With institutional investors jumping on the Bitcoin bandwagon, the platform dynamics has experienced a shift. Hence, we at Bitfinity are working to boost Bitcoin’s scalability, unlock new functionalities, and expand its applications.”

    Bitfinity’s layer 2 network has its security bolstered by a proof-of-stake protocol that leverages a technology called Chain-Key, which is stronger than the multi-sig methods typically used. This more secure tech supports large transaction committees for Bitcoin.

    Moreover, the ecosystem plans to introduce decentralized applications such as Sonic, Chapswap, Lendfinity and Omnity Bridge, with backing from the founder of a billion dollar borrowing and lending protocol, Liquity.

    Finally, Internet Computer Protocol’s (ICP) Chain Fusion, which is a key component of Bitfinity, saw its usage spike 1,230% in a single year because Bitcoin-powered apps were tapping into its capabilities for creating smart contracts and complex programming on the Bitcoin network. This spike could bring about smarter and more secure contracts for Bitcoin.

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