Bitcoin development startup Botanix Labs has raised a total of $11.5 million in funding, with participation from Polychain Capital and others

2024-05-07 21:15:06

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ChainCatcher news, according to The Block, the Bitcoin-focused startup Botanix Labs announced today that it has completed a total financing of $11.5 million. This round of financing was led by Polychain Capital, Placeholder Capital, Valor Equity Partners, ABCDE, and notable angel investors Andrew Kang, Fiskantes, Dan Held, The Crypto Dog, Charlie Spears, Altcoin Sherpa, Dovey Wan, Jebus, Icebergy, Crypto ISO, Davis (also known as "KarbonBased"), Walt Smith, and Domo, the creator of the BRC-20 token standard, among others, participating in the $8.5 million seed round financing that ended in April.

In addition, Edessa Capital, Curiosity Capital, UTXO Management, XBTO Ventures, Blocmates, Eric Wall, and other investors participated in last year's pre-seed round financing.

It is reported that the funds will be used to build Spiderchain, the first Layer 2 network on Bitcoin with full EVM equivalence. Since 2022, Botanix Labs has been dedicated to creating a decentralized financial system native to Bitcoin. They launched an early testnet version of the EVM Layer 2 protocol in November 2023, attracting over 200,000 active addresses and 10,000 experimental token releases. The first mainnet version of Spiderchain is expected to be released in early summer 2024.

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