Botanix Labs, a Web3 business focusing on Bitcoin, has secured $8.5 million in seed funding, bringing its total funding to $11.5 million.
The Web3 business Botanix Labs, which is based on Bitcoin, has received $8.5 million in seed funding from ABCDE, Polychain Capital, Placeholder Capital, and Valor Equity Partners. This latest round of funding increases the total to $11.5 million, adding to last year’s $3 million in an undisclosed pre-seed round.
Angel investors included Andrew Kang, Fiskantes, Dan Held, Charlie Spears, Altcoin Sherpa, Dovey Wan, Jebus, Icebergy, Crypto ISO, and Davis, among others.
With the new funding, Botanix will develop Spiderchain, a layer-2 primitive native to Bitcoin that uses the Ethereum Virtual Machine to scale the Bitcoin ecosystem, more quickly.
“Our team’s goal is to construct an infrastructure that enables a worldwide financial system based on Bitcoin for the next 100 years,” stated Willem Schroé, co-founder of Botanix Labs and an inverter on Spiderchain, in response to the fundraiser.
With Spiderchain, the Bitcoin ecosystem can reach eight billion users, freeing up trillions of dollars in dormant funds. In a statement, Schroé expressed his pride at having the backing of numerous industry experts who are committed to changing the way the world views Bitcoin as a foundation.
The Spiderchain infrastructure, according to the Botanix team, uses a web of randomly distributed multi-signature transactions to protect Bitcoin base-layer cash.
Botanix Labs claims that with Spiderchain, Ethereum smart contracts and decentralized applications can easily port to Bitcoin and run natively in a matter of minutes. The infrastructure also enables users to transfer funds from popular cryptocurrency exchanges to a web3 wallet linked to an L2 service, such as MetaMask, without utilizing wrapped assets or departing from the Bitcoin network, as reported by the media.
With the upcoming mainnet launch of Spiderchain in the summer, Botanix is claiming to have accomplished a lot in its time on testnet, including creating over 200,000 active addresses, facilitating the launch of 10,000 “experimental” tokens, and developing dozens of decentralized applications.