Bitcoin L2 solution Bitfinity Network completes $12 million financing, with participation from Polychain Beacon Fund and others

ChainCatcher news, according to Cointelegraph, the Bitcoin L2 solution Bitfinity Network has announced the completion of a $12 million funding round, which includes $7 million invested by institutions such as Polychain Beacon Fund, ParaFi, Draft Ventures, and Warburg Serres, as well as $5 million raised through a community over-the-counter (OTC) token sale.

The project will utilize the Chain Fusion technology of the Internet Computer Protocol (ICP) to enable the operation of Bitcoin native assets within the Ethereum-compatible ecosystem. The ecosystem plans to host decentralized applications including Sonic, Chapswap, Lendfinity, and Omnity Bridge. Notably, the founder of the lending protocol Liquity, which has a TVL of one billion dollars, is also involved in supporting this project.

According to RootData, Bitfinity (formerly known as InfinitySwap) is the next-generation EVM that acts as a second layer for Bitcoin and other assets, utilizing threshold signature schemes and built on IC.