Bitcoin Layer-2 Builder Botanix Labs Raises $8.5M From Polychain Capital, Others

As an experienced financial analyst, I have closely followed the developments in the cryptocurrency space and have been particularly intrigued by Botanix Labs’ announcement of their Spiderchain project. The ability to bring Ethereum-like functionality to Bitcoin through Spiderchain is a game-changer.

Botanix Labs announced they have secured $8.5 million in funding for the development of their layer-2 network, Spiderchain. This brings their total investment to date up to $11.5 million following a successful $3 million pre-seed round last year.

On Tuesday, Botanix revealed that the latest funding round featured investments from Polychain Capital, Placeholder Capital, Valor Equity Partners, and ABCDE.

A New York corporation developed Spiderchain to work in harmony with the Ethereum Virtual Machine (EVM) layers. The Ethereum Virtual Machine serves as the foundation of Ethereum’s functionalities, including the execution of smart contracts, by defining the rules and providing the software infrastructure.

As a researcher studying decentralized systems, I can explain that Spiderchain enables the seamless transfer of Ethereum applications or smart contracts to the Bitcoin blockchain. In simpler terms, it allows for the easy replication of Ethereum-based software onto the Bitcoin network.

The test network, initiated in November the previous year, has amassed approximately 200,000 active addresses and over 10,000 trials of new tokens. The launch of the primary network is anticipated in the near future.

As a crypto investor, I’m excited about the innovative strides being made by Botanix Labs and Spiderchain to enhance the functionality of the Bitcoin network. These projects are pushing boundaries by integrating advanced features like smart contracts, which have traditionally been linked to Ethereum. By doing so, they aim to broaden Bitcoin’s scope and make it a more versatile platform for various applications.

Armin Sabouri, co-founder of Botanix, stated, “Bitcoin has demonstrated unrivaled security as a monetary system throughout history. It’s high time we harnessed its potential beyond being just a storehouse for value and evolved it into a global network that enhances individual financial autonomy.”