Botanix Labs, a Bitcoin protocol development startup, today announces $11.5 million in total funding raised to build the Spiderchain, the first Bitcoin-native Layer 2 primitive with full EVM equivalence that can support a global financial system running on Bitcoin.

The entire team at Botanix Labs – headquartered in New York and founded in the halls of Harvard Business School – is proud to be backed by Polychain Capital, Placeholder Capital, and many other industry-leading investors who believe in the mission to build anything on Bitcoin. Botanix Labs is also proud to have the support of a diverse group of prestigious angel investors who understand the value of building a decentralized financial system on Bitcoin.

Since early 2022 when the first ideation and whitepaper drafts were created, Botanix Labs has pursued its mission is to build technologies like the Spiderchain that safeguard a decentralized, Bitcoin-native financial system. Since the early-stage testnet launch in November 2023, this EVM Layer 2 on Bitcoin has garnered:

• More than 10,000 experimental token launches;
• Thousands of testnet bitcoin wallet refills;
• More than 200,000 active addresses;
• Dozens of dApps preparing to launch on mainnet later this summer.

This capital will be deployed to support the growth of the Botanix Labs team and the Spiderchain ecosystem. For everyone at Botanix Labs, the focus is on strong product development and carefully creating a secure network with a vibrant ecosystem running on it.

As first movers in this new era of Bitcoin innovation, Botanix Labs started building the next generation of Layer 2 networks in a bear market when few investors cared about the future of Bitcoin at all. Recent surges in venture investment, application development, and speculative activity throughout the broader Bitcoin sector underscore the value and importance of the Spiderchain.

Helping Bitcoin to mature beyond a digital asset that sits dorman in thousands of wallets comes from building the infrastructure that supports a global financial system running on Bitcoin for the next 100 years and beyond. Simple and secure scaling solutions can onboard eight billion users to Bitcoin. It can also unlock billions of dollars in bitcoin capital that has sat idle for years. That is the Botanix Labs mission.

Learn more about the Spiderchain testnet here.

Make use of the Botanix Labs testnet bitcoin faucets here.

Read about why the Spiderchain matters for Bitcoin here.