Botanix LaboratoriesA New York-based Bitcoin development startup founded at Harvard University announced a major funding of $11.5 million in a press release sent to Bitcoin Magazine.
This funding round, led by notable investors including UTXO Management, Polychain Capital, Placeholder Capital, Valor Equity Partners, ABCDE, Andrew Kang, Dan Held, Dovi Wan, Eric Wall and others, will advance the creation of Spiderchain. Spiderchain claims to be the first layer 2 primitive of Bitcoin with a full EVM equivalent, which was envisioned to support a global financial system built on Bitcoin. This funding follows a previous $8.5 million seed round in April.
“Our team at Botanix Labs is driven by the mission of building the infrastructure that supports a global financial system powered by Bitcoin for the next 100 years,” said Willem Schroe, inventor of Spiderchain and co-founder of Botanix Labs. “Spiderchain can scale the Bitcoin ecosystem to eight billion users and unlock trillions of capital that has been sitting idle for years. We are proud to have the support of so many industry experts who share our vision of reshaping how the world thinks about building on Bitcoin.”
Our team is also proud to back a diverse group of prestigious angel investors who share our vision for the future of Bitcoin. pic.twitter.com/xqoaPcz6Bs
— Botanix Labs 🕷 (@BotanixLabs) May 7, 2024
Since its founding in 2022, Botanix Labs says it has been dedicated to developing technologies that enhance Bitcoin-based decentralized financial infrastructure. The Spiderchain project, which was introduced through an early-stage testnet in November 2023, has already gained significant traction with more than 200,000 active addresses and more than 10,000 beta token launches, according to the statement.
The Spiderchain architecture is designed to seamlessly move applications and smart contracts from Ethereum to Bitcoin, providing users the ability to interact with the Bitcoin network without relying on pooled assets. This protocol aims to enhance scalability and also opens up ways for efficient and secure financial interactions within the Bitcoin ecosystem.
“Bitcoin has proven to be the most secure cash network in history,” said Armin Sabouri, CTO and co-founder of Botanix Labs. “Now is the time to put Bitcoin to work by transforming it from a mere store of value into a global monetary network that empowers individual sovereignty.”
For more information about Botanix Labs and Spiderchain, interested parties can visit their website here.
Bitcoin Magazine is wholly owned by BTC Inc., which operates UTXO Management, a regulated capital specialist focused on the digital assets industry. UTXO invests in a variety of Bitcoin businesses, and maintains significant holdings in the digital asset.
