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Bitfinity Network launches Bitcoin L2 with $12M backing

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Bitfinity Network, a new Layer-2 solution for Bitcoin, has launched with a focus on enhancing the scalability and functionality of the Bitcoin blockchain. The project introduces an Ethereum Virtual Machine (EVM)-compatible environment that enables developers to build decentralized finance (DeFi) applications directly on the Bitcoin network. By integrating EVM support, Bitfinity seeks to offer Bitcoin users access to a broader range of DeFi services that were previously limited to networks like Ethereum and Binance Smart Chain.

The launch of Bitfinity Network is seen as a significant step in bridging the gap between Bitcoin’s robust security and the rapidly expanding DeFi sector. Bitcoin, while the leading cryptocurrency by market capitalization, has been limited in its ability to support smart contracts and decentralized applications (dApps). By enabling EVM compatibility, Bitfinity brings the versatility of Ethereum’s smart contract platform to Bitcoin’s more secure and widely adopted network, opening up new opportunities for developers and users.

Bitfinity’s Layer-2 approach aims to solve Bitcoin’s scalability issues by processing transactions off-chain while maintaining the security of the underlying Bitcoin network. This will allow for faster and cheaper transactions, crucial for the mass adoption of DeFi platforms. The project also emphasizes its commitment to low fees and high throughput, positioning itself as a viable alternative for developers looking to build decentralized applications that require the security and liquidity of Bitcoin.

The launch of Bitfinity comes at a time when interest in DeFi and Layer-2 solutions is at an all-time high. While Ethereum and other blockchain networks dominate the DeFi space, Bitcoin remains the most trusted and valuable digital asset. Bitfinity’s innovation may attract a wave of new users and developers to Bitcoin-based DeFi, as it combines the security of Bitcoin with the flexibility and functionality of Ethereum-compatible smart contracts. The success of Bitfinity will largely depend on its ability to gain adoption among developers and users within the competitive Layer-2 and DeFi ecosystems.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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