Botanics Institutea New York-based, Harvard University-founded Bitcoin development startup, announced a major funding round of $11.5 million in a press release sent to Bitcoin Magazine.
This funding round, led by prominent investors including UTXO Management, Polychain Capital, Placeholder Capital, Valor Equity Partners, ABCDE, Andrew Kang, Dan Held, Dovey Wan, and Eric Wall, will fuel the creation of Spiderchain. Spiderchain claims to be the first Bitcoin-native Layer 2 primitive with full EVM parity and is intended to support a global financial system built on Bitcoin. . This funding follows a previous $8.5 million Seed Series round in April.
Willem Schroé, inventor of spiderchain and co-founder of Botanix Labs, said: “The team at Botanix Labs is committed to building the infrastructure that will support a global financial system powered by Bitcoin for the next 100 years. I’m driven by a mission.” “SpiderChain can expand the Bitcoin ecosystem to 8 billion users and unlock trillions of dollars of capital that has been dormant for years. We are proud to have the support of so many industry veterans who share our vision to reimagine thinking.”
Our team is also proud to be supported by a diverse group of prominent angel investors who share our vision for the future of Bitcoin. pic.twitter.com/xqoaPcz6Bs
— Botanix Labs 🕷 (@BotanixLabs) May 7, 2024
Since its founding in 2022, Botanix Labs says it has been dedicated to developing technology that powers decentralized, Bitcoin-native financial infrastructure. spider chain project, introduced According to the release, it has already attracted significant attention through its early stage testnet in November 2023, with over 200,000 active addresses and over 10,000 experimental tokens launched.
Spiderchain’s architecture is designed to seamlessly migrate applications and smart contracts from Ethereum to Bitcoin, giving users the ability to interact with Bitcoin’s network without relying on wrapped assets. . This protocol aims to enhance scalability and also paves the way 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 leverage Bitcoin by transforming it from a mere store of value to a global monetary network that empowers individual sovereignty.”
If you are interested in learning more about Botanix Labs and Spiderchain, please visit their website. here.
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