Bitcoin Layer-2 Builder Botanix Labs Raises $8.5M From Polychain Capital, Others
Summary
Bitcoin development startup Botanix Labs has raised $8.5 million for the construction of layer-2 network Spiderchain, bringing its total funding to $11.5 million. The recent funding round included contributions from Polychain Capital, Placeholder Capital, Valor Equity Partners, and ABCDE. Spiderchain, built by the New York-based company, is compatible with Ethereum Virtual Machine (EVM) layers and allows applications or smart contracts running on an Ethereum layer to be copied onto the Bitcoin blockchain. The testnet of Spiderchain, launched in November last year, has over 200,000 active addresses and more than 10,000 experimental token launches. The first mainnet version is expected to be released in the coming months.
