Bitcoin development startup Botanix Labs receives $11.5 million in funding from Polychain Capital, Placeholder Capital and others

BlockBeats news, on May 7, Botanix Labs, a startup dedicated to Bitcoin development, announced today that it has completed a total of $11.5 million in financing. This round of financing was participated in by Polychain Capital, Placeholder Capital, Valor Equity Partners, ABCDE, well-known 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, which participated in the $8.5 million seed round of financing that ended in April.

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

The funds will be used to build Spiderchain, the first fully EVM-equivalent Layer2 network on Bitcoin. Botanix Labs has been working on building a Bitcoin-native decentralized financial system since 2022. 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 launches. The first mainnet version of Spiderchain is expected to be released in early summer 2024.