Botanix Labs announced that it has received $11.5 million in financing from Polychain Capital, Placeholder Capital, Valor Equity Partners, and a series of angel investors including Andrew Kang, Fiskantes, Dan Held, The Crypto Dog, Domo (founder of BRC20). The financing will be used to build Spiderchain, a fully decentralized EVM-equivalent BTC L2 solution.
The Spiderchain network has equivalent functions to EVM, combining the ease of use of EVM with the security of Bitcoin. Since the testnet was launched in November 2023, it has obtained more than 200,000 active addresses. Willem Schroé, CEO of Botanix Labs, said that Spiderchain can expand the Bitcoin ecosystem to 8 billion users, which is of great significance to reshaping the way Bitcoin is built globally.