Bitcoin Layer-2: Botanix Labs Raises $8.5 Million to Expand Spiderchain

Botanix Labs, an emerging company in the field of cryptocurrencies, recently announced a new achievement in its innovation journey. The company has raised a significant $8.5 million to enhance and develop Spiderchain, its Bitcoin-focused layer 2 network. This new investment brings the company’s total funding to US$11.5 million, building on a US$3 million pre-seed round held the previous year.

The funding round was led by big names in the cryptocurrency investment space, including Polychain Capital, Placeholder Capital, Valor Equity Partners, and ABCDE. This group of important investors demonstrates growing confidence in the Botanix project, which is based in New York.

One of Spiderchain’s main goals is to integrate compatibility with the Ethereum Virtual Machine (EVM) layers into the Bitcoin blockchain. This functionality is crucial as it allows applications and smart contracts originally designed for Ethereum to be easily ported to the Bitcoin environment. This advance promises to expand Bitcoin’s capabilities beyond its primary function as a store of value, introducing smart contract functionalities previously most associated with Ethereum.

We are pleased to announce that New York City-based Botanix Labs has completed an $11.5 million financing round led by (participating from) Polychain, Placeholder VC and other industry-leading investment institutions.

The two co-founders of Botanix Labs, who graduated from Harvard University, are grateful for the support of these institutions and look forward to working with these investment institutions to build the future of finance. pic.twitter.com/Cz9wi5Vv0J

— Botanix Labs Chinese (@BotanixLabsCN) May 7, 2024

The Spiderchain testnet was launched in November last year and has already shown promising results: more than 200,000 active addresses and more than 10,000 experimental token launches. The launch of the first version of the mainnet is expected in the coming months, raising expectations that Bitcoin will soon be able to offer an even wider range of uses.

Armin Sabouri, co-founder of Botanix, highlighted Bitcoin’s unparalleled security and untapped potential: “Bitcoin has proven to be the most secure monetary network in history. Now it’s time to put bitcoin to work, transforming it from just a store of value into a global monetary network that strengthens the sovereignty of individuals.”

Botanix Labs’ progress and its innovation with Spiderchain are clear indications that Bitcoin may be heading towards a new phase of utility and technological integration, promoting greater diversification in the use of cryptocurrencies.

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