Bitfinity Network has introduced a new Bitcoin layer-2 (L2) solution, backed by $12 million in funding, aimed at creating Ethereum Virtual Machine (EVM)-compatible decentralized finance (DeFi) functionalities for Bitcoin. The funding was secured from institutional investors such as Polychain and ParaFi, along with $5 million raised through the community's over-the-counter token sales. The platform employs Internet Computer Protocol's (ICP) Chain Fusion Technology to allow Bitcoin-native assets to interact within an Ethereum-compatible ecosystem. Bitfinity emphasizes security with a proof-of-stake protocol that utilizes Chain-Key technology for enhanced transaction security. The platform plans to host decentralized applications (DApps) and has the support of notable figures in the DeFi sector. The initiative is part of a broader trend to improve Bitcoin's utility as interest in the cryptocurrency evolves beyond just being a store of value, expanding its potential through innovative L2 solutions.

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