Bitfinity Network (a Layer 2 for Bitcoin, BTC) has launched its mainnet using $12 million of funding.
Bitfinity, built as an Ethereum Virtual machine (EVM), Layer 2 solution for Bitcoin offers developers the capability to create smart contracts on the Bitcoin network in a similar way to Ethereum (ETH). This integration is designed to extend the reach of Bitcoin native decentralized finance to a larger user base, while eliminating reliance upon centralized custodians.
Strong Investor Support
According to a press release that the company shared with CryptoNews on Nov. 19, the launch coincides the listing of Bitfinity (BTF) tokens on major cryptocurrency exchanges such as KuCoin Huobi MEXC HTX and Gate.io.
Bitfinity has also raised more than $12 million through funding and token sales. This includes $5 million in over-the counter (OTC), mainly from the community with support from Crypto Banter AshCrypto KuCoin Labs and ParaFi.
This funding is a follow-up to a $7 million round in 2024 that saw industry heavyweights such as Polychain Capital and Draft Ventures participate, among others.
Bitcoin Speed and Security Boosted
Bitfinity’s Layer-2 offers faster transaction speeds than the traditional Bitcoin network. According to the press release, block times are “just 1-2 seconds”.
Bitfinity uses the Internet Computer Protocol ( ICP ) Chain Fusion Technology. This technology relies on a method called threshold signing, which does not require central authorities. Users have greater control and security of their transactions.
Bitfinity also integrated Bitcoin Runes into the ICP ecosystem via the Omnity Bridge. This improved the functionality and access to Bitcoin-native assets. This integration reduces the chance of a single-point of failure by distributing Bitcoin private keys among 34 different signers.
Computers for Building on the Internet
Bitfinity uses the Internet Computer for smart contracts, complex programs and other features on the Bitcoin network.
The DFINITY Foundation’s latest report, which is based in Switzerland and behind the Internet Computer Blockchain, shows a dramatic increase in adoption of the ICP eco-system.
The activity of its Chain Fusion protocol, enabling seamless communication between blockchains such as Bitcoin and Ethereum has increased by 1,230% over the last year. The number of messages sent through Chain Fusion increased by 2,040%.
This growth is a reflection of a larger trend in the Internet Computer eco-system. The overall network activity has increased by 150% over the past year, and the number of full-time developers who work on the platform has grown by 30%.
