May 22, 2024
Bitcoin News

Bitcoin Startup Botanix Labs Raises $8.5M for Spiderchain Development

New York-based Bitcoin development startup, Botanix Labs, announced on Tuesday that it has successfully secured $8.5 million in funding for the development of its layer-2 network, Spiderchain.

This recent funding round brings the company’s total backing to $11.5 million, following a $3 million pre-seed round last year.

Major Investors Back Botanix Labs

The funding round was led by prominent investors including Polychain Capital, Placeholder Capital, Valor Equity Partners, and ABCDE. This significant backing reflects growing interest and confidence in Botanix Labs’ vision and technology.

Spiderchain: Bringing Ethereum Compatibility to Bitcoin

Botanix Labs has developed Spiderchain with the aim of making it compatible with the Ethereum Virtual Machine (EVM) layers. The EVM is crucial software that governs the Ethereum network and enables the functionality of smart contracts.

Spiderchain’s innovative design enables any application or smart contract operating on an Ethereum layer to be seamlessly replicated onto the Bitcoin blockchain.

Moreover, since its testnet launch in November last year, Spiderchain has witnessed remarkable traction. It gained over 200,000 active addresses and facilitating more than 10,000 experimental token launches.

These numbers underscore the growing anticipation for Spiderchain’s imminent mainnet release, scheduled in the coming months.

Transforming Bitcoin into a Global Monetary Network

Botanix Labs and Spiderchain are at the forefront of a movement aimed at enhancing the utility of the Bitcoin network. By incorporating features such as smart-contract capabilities, traditionally associated with Ethereum, Botanix Labs seeks to unlock new possibilities for Bitcoin as a global monetary network.

Armin Sabouri, co-founder of Botanix, emphasized the transformative potential of Bitcoin, stating:

“Bitcoin has proven itself to be the most secure monetary network in history. Now it’s time to put bitcoin to work by transforming it from only being a store of value into a global monetary network that empowers the sovereignty of individuals.”

Botanix Labs’ ambitious endeavors signify how innovation continues to drive the evolution and adoption of blockchain technology.

As Spiderchain prepares for its mainnet launch, the industry eagerly anticipates the impact it will have on expanding the capabilities of the Bitcoin network and shaping the future of decentralized finance.

Image by freepik

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