cryptojournalist
Bitfinity Network has launched a new platform that improves Bitcoin’s capabilities with a $12 million investment. The goal is to bring decentralized finance (DeFi) features to Bitcoin by making it compatible with Ethereum.
What is Bitfinity Network?
Bitfinity’s platform will allow Bitcoin to use decentralized finance apps that are typically built on Ethereum. It uses Internet Computer Protocol (ICP) and Chain Fusion to make this possible, allowing Bitcoin to interact with Ethereum-based systems.
The platform has received support from investors like Polychain and ParaFi, along with $5 million from the crypto community through token sales.
Why is This Important for Bitcoin?
Bitcoin is moving beyond being just a store of value. With the recent rise in Bitcoin’s price, there’s more demand for it to be used in DeFi. Bitfinity’s solution helps Bitcoin work with Ethereum apps and supports new features like decentralized apps (DApps).
How is Security Improved?
Bitfinity uses a proof-of-stake system and Chain-Key technology to make transactions more secure than other systems that rely on multiple signatures. This stronger security helps protect Bitcoin transactions on the platform.
What’s Next for Bitfinity?
Bitfinity plans to continue growing its platform, introducing new tools like Liquity, a popular borrowing and lending protocol. They aim to make Bitcoin more useful for institutions and expand its role in decentralized finance.
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