Botanix Labs has raised $8.5 million for its Spiderchain project, totaling $11.5 million in funding.

The investment round included Polychain Capital, Placeholder Capital, Valor Equity Partners, and ABCDE, alongside angel investors and industry experts.

Spiderchain aims to bring Ethereum's application and smart contract functionality to the Bitcoin blockchain.

The Spiderchain testnet has registered over 200,000 addresses and hosted 10,000 token experiments.

Botanix Labs is contributing to efforts that expand Bitcoin's use case beyond being simply a store of value.

The Spiderchain mainnet is scheduled for launch in early summer, with applications like Bitzy and Palladium in development.

The funding is intended to help Botanix Labs build infrastructure for a Bitcoin-based global financial system envisioned to last a century.