Botanix Labs raises $8.5 million to build a Bitcoin-native DeFi ecosystem

Following a previously unannounced $3 million pre-seed round last year, the raise brings Botanix Labs’ funding to $11.5 million.

Bitcoin development startup Botanix Labs has raised $8.5 million in a seed series funding round from Polychain Capital, Placeholder Capital, Valor Equity Partners and ABCDE to build a Bitcoin-native DeFi ecosystem.

The New York-based firm said the funds will be used to build the Spiderchain — a Bitcoin-native Layer 2 primitive with full Ethereum Virtual Machine equivalence. More specifically, Botanix Labs will deploy the capital to grow its existing team, focusing on product development. The scaling technology enables applications and smart contracts running in the Ethereum ecosystem to be copied and run natively on Bitcoin “in minutes,” it added. Users can also withdraw from crypto exchanges like Coinbase, Binance and Kraken to a web3 wallet connected to the Layer 2 like MetaMask without using wrapped assets or leaving the Bitcoin network.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

TheBlock__ /  🏆 464. in US

United Kingdom Latest News, United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Willem Schroé: Building Botanix, a Bitcoin Layer 2 That Brings the EVM to BitcoinFrank Corva is a writer and analyst for digital assets at Finder.com. As someone who’s lived and traveled all over the globe, he loves the idea of the world being connected by Bitcoin (BTC) — a neutral, apolitical, secure and borderless network and digital currency.
Read more »

Binance Labs shifts investment focus to Bitcoin DeFiBTCFi protocols are gaining traction ahead of the anticipated Bitcoin halving event on April 19. Can they match Ethereum-native DeFi in the future?
Read more »

Swaap Labs Introduces Swaap Earn for DeFi Yield OptimizationSwaap Labs reveals new protocol aimed at boosting yields for DeFi liquidity providers
Read more »

DeFi Firm Usual Labs Raises $7M Round Led by Kraken Ventures and IOSG VenturesWill Canny is CoinDesk's finance reporter.
Read more »

DeFi’s Path to Mass Adoption Goes Through Fintech Firms, Centralized Exchanges, Morpho Labs Chief SaysIan Allison is an award-winning senior reporter at CoinDesk. He holds ETH.
Read more »

DeFi Project Plans to Open Up a Huge Market With its New DeFi Debit CardCrypto Blog
Read more »