TechFlow reports that Botanix Labs has announced $11.5 million in funding from Polychain Capital, Placeholder Capital, Valor Equity Partners, and a group of angel investors including Andrew Kang, Fiskantes, Dan Held, The Crypto Dog, and Domo (creator of BRC20). The funds will be used to develop Spiderchain, a fully decentralized EVM-equivalent BTC L2 solution.
Spiderchain offers EVM-comparable functionality, combining the ease of use of EVM with Bitcoin's security. Since its testnet launch in November 2023, it has attracted over 200,000 active addresses. Willem Schroé, CEO of Botanix Labs, said Spiderchain could expand the Bitcoin ecosystem to 8 billion users and is significant in reshaping how the world builds on Bitcoin.
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