Bitfinity bridges Bitcoin and Ethereum with new Layer-2 mainnet, raises $12 million

Bitfinity Community, a Bitcoin Layer-2 resolution suitable with the Ethereum Digital Machine (EVM), has formally launched its mainnet after elevating almost $12 million, in accordance with a November 19 assertion shared with CryptoSlate.

The Layer-2 community goals to bridge the hole between Bitcoin and DeFi and supply improved interoperability and abstraction. The aim is to deliver Bitcoin-native DeFi to a wider viewers, making it simpler for customers to work together with Bitcoin-based decentralized functions (dApps).

The mainnet launch comes after vital institutional assist and a profitable token sale. Bitfinity’s token is now listed on main exchanges corresponding to KuCoin, Huobi and Gate.io and is producing $5 million in over-the-counter (OTC) gross sales, primarily pushed by neighborhood participation.

Bitfinity additionally raised $7 million earlier this 12 months in a funding spherical backed by high buyers together with Polychain’s Beacon Fund, ParaFi, Draft Ventures, Warburg Sequence and 9 Yards Capital.

In the meantime, Bitfinity stated it’s introducing Bitgems, a brand new characteristic that rewards customers for social interactions. Contributors can mine digital gems by means of a Token Era Occasion (TGE) program, additional partaking the neighborhood and increasing the ecosystem.

Utilizing ICP know-how

Bitfinity integrates Web Pc Protocol’s Chain Fusion Expertise (ICP) to assist Bitcoin-native property inside an EVM-compatible atmosphere. This integration goals to allow the safe improvement of Bitcoin sensible contracts and supply a extra decentralized and user-controlled ecosystem.

The community’s use of a threshold signature scheme creates a decentralized bridge to Ethereum, eliminating the necessity for centralized intermediaries and enhancing person safety and management.

In the meantime, Bitfinity’s mainnet launch coincides with an increase in Bitcoin’s value and a resurgence of curiosity in its DeFi ecosystem. This elevated exercise has attracted extra institutional consideration, fueling pleasure about Bitfinity’s potential to unlock new alternatives throughout the Bitcoin house.

Lomesh Dutta, the VP of Development at Dfinity, highlighted that Bitfinity’s EVM compatibility might redefine Bitcoin’s DeFi panorama.

He acknowledged:

“The unbelievable neighborhood and investor assist we have seen speaks to the affect of a platform designed to supply Bitcoin customers with scalability, interoperability, and safe DeFi options.”

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