Botanix LaboratoriesA New York-based, Harvard-founded bitcoin development startup has announced a significant $11.5 million in funding in a press release sent to bitcoin Magazine.
This funding round, led by notable investors such as UTXO Management, Polychain Capital, Placeholder Capital, Valor Equity Partners, ABCDE, Andrew Kang, Dan Held, Dovey Wan, Eric Wall and others, will fuel the creation of Spiderchain. Spiderchain claims to be bitcoin's first native Layer 2 primitive with full EVM equivalence, intended to support a global financial system built on top of bitcoin. This funding follows a previous $8.5 million seed round in April.
“Our team at Botanix Labs is driven by the mission to build the infrastructure to support a global financial system powered by bitcoin for the next 100 years,” said Willem Schroé, 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 have been dormant for years. “We are proud to have the support of so many industry veterans who share our vision of reshaping the way the world thinks about building on bitcoin.”
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Our team is also proud to be supported by a diverse group of prestigious angel investors who share our vision for the future of bitcoin. pic.twitter.com/xqoaPcz6Bs
– Botanix Laboratories (@BotanixLabs) twitter.com/BotanixLabs/status/1787831604716441722?ref_src=twsrc%5Etfw”>May 7, 2024
Since its inception in 2022, Botanix Labs says it has been dedicated to developing technologies that strengthen a decentralized financial infrastructure native to bitcoin. The Spiderchain project, launched via an early-stage testnet in November 2023, has already gained significant traction with over 200,000 active addresses and over 10,000 experimental token launches, according to the statement.
Spiderchain's architecture is designed to seamlessly transition applications and smart contracts from ethereum to bitcoin, offering users the ability to interact with the bitcoin network without relying on packaged assets. This protocol aims to improve scalability and also opens avenues for efficient and secure financial interactions within the bitcoin ecosystem.
“bitcoin has proven to be the most secure monetary network in history,” said Armin Sabouri, CTO and co-founder of Botanix Labs. “Now is the time to put bitcoin to work transforming it from a simple store of value to a global monetary network that enhances the sovereignty of individuals.”
For more information about Botanix Labs and Spiderchain, those interested can visit their website here.
bitcoin Magazine is wholly owned by btc Inc., which operates UTXO management, a regulated capital allocator focused on the digital asset industry. UTXO invests in a variety of bitcoin businesses and maintains significant holdings in digital assets.
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