Botanix LabsA press release for Bitcoin Magazine announced that the startup, founded by Harvard University and located in New York, had received a funding amount of over $11.5 Million.
This funding round, led by prominent investors including UTXO Management, Polychain Capital, Placeholder Capital, Valor Equity Partners, ABCDE, Andrew Kang, Dan Held, Dovey Wan, Eric Wall and others, will fuel the creation of the Spiderchain. Spiderchain is claiming to be the world’s first Bitcoin native Layer 2 primitive, with EVM equivalent. It will support global adoption. financial Bitcoin-based system. The funding comes after a seed round in April of $8.5million.
“Our team at Botanix Labs is driven by the mission of building the infrastructure that supports aglobal financial system running on Bitcoin for the next 100 years,” Willem Schroé, inventorof the Spiderchain and Co-founder of Botanix Labs stated. “The Spiderchain can scale the Bitcoinecosystem to eight billion users and unlock trillions in capital that has sat idle for years. We’re proud to have the support of so many industry veterans who share our vision for reshaping howthe world thinks about building on Bitcoin.”
We are also very proud that our team has the support of an impressive group of angel investors, who all share in our vision of Bitcoin’s future. pic.twitter.com/xqoaPcz6Bs
— Botanix Labs 🕷 (@BotanixLabs) May 7, 2024
Botanix Labs, which was founded in 2022 says that it has developed technologies to fortify an decentralized Bitcoin-native financial infrastructure. Spiderchain is a project that aims to improve infrastructure. introduced The release states that through an early testnet of November 2023 the project has achieved significant success. It already boasts over 200,000 address and launched more than 10,000 tokens.
Spiderchain is an architecture that seamlessly transfers applications and smart contracts between Ethereum and Bitcoin. This allows users to access the Bitcoin network without having to rely on assets wrapped in a wrapper. The protocol is designed to increase scalability, and opens up avenues for secure and efficient transactions. financial Bitcoin interactions
“Bitcoin has proven itself to be the most secure monetary network in history,” Armin Sabouri is the CTO at Botanix Labs and a co-founder. “Now it’s time to put Bitcoin to work by transforming it from only being a store of value into a global monetary network that empowers the sovereignty of individuals.”
Website: Botanix Labs & Spiderchain. For further information, please visit the website. here.
Bitcoin Magazine, which is owned wholly by BTC Inc. UTXO Management, is a regulated allocator of capital focused on the industry for digital assets. UTXO maintains significant digital asset holdings and invests in a range of Bitcoin-based businesses.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: bitcoinmagazine.com
