Botanix Labs, a rising star in the cryptocurrency industry, recently announced a major milestone in its journey of innovation. The company has successfully secured a substantial $8.5 million investment to enhance and develop Spiderchain, its cutting-edge layer 2 network focused on Bitcoin. With this latest funding, Botanix Labs has now raised a total of $11.5 million, building upon the $3 million pre-seed round it received the previous year.
Leading the funding round were prominent players in the cryptocurrency investment sphere, including Polychain Capital, Placeholder Capital, Valor Equity Partners, and ABCDE. This impressive lineup of investors reflects the growing confidence in the Botanix project, which is based in New York.
Spiderchain’s main objective is to integrate compatibility with the Ethereum Virtual Machine (EVM) layers into the Bitcoin blockchain. This feature is of utmost importance as it allows applications and smart contracts originally designed for Ethereum to be seamlessly transferred to the Bitcoin ecosystem. This advancement holds the promise of expanding Bitcoin’s functionalities beyond its primary role as a store of value, introducing smart contract capabilities that have long been associated with Ethereum.
The Spiderchain testnet was launched in November of last year and has already exhibited encouraging results, with over 200,000 active addresses and more than 10,000 experimental token launches. The release of the first version of the mainnet is anticipated in the coming months, creating high expectations that Bitcoin will soon be able to offer an even wider array of applications.
Armin Sabouri, co-founder of Botanix, emphasized the unmatched security and untapped potential of Bitcoin, stating, “Bitcoin has proven to be the most secure monetary network in history. Now it’s time to put bitcoin to work, transforming it from just a store of value into a global monetary network that strengthens the sovereignty of individuals.”
The progress made by Botanix Labs and its innovative efforts with Spiderchain serve as clear indications that Bitcoin is on its way to a new phase of utility and technological integration, encouraging greater diversification in the use of cryptocurrencies.
Disclaimer: The views and opinions expressed by the author or any individuals mentioned in this article are solely for informational purposes and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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