Bitfinity Network, a Web3 infrastructure firm, has raised $7 million in funding.

Investors include Polychain Capital and ParaFi Capital.

The funding will be used to develop a Bitcoin sidechain, the Bitfinity Ethereum Virtual Machine (EVM), on the Internet Computer blockchain.

The EVM will enable solidity developers to create Bitcoin-enabled decentralized apps (dApps) that are 100 times faster and cheaper than Ethereum.

Bitfinity Network plans to launch its mainnet soon with several dApps already being built or planned on its network.

The investment indicates increasing demand for integrating Bitcoin into new networks for diverse applications.