Galaxy and Fireblocks will operate nodes on the Bitcoin Layer2 network Botanix
According to Coindesk, Galaxy, a digital asset financial services company under Mike Novogratz, along with 16 other institutions including crypto custodian Fireblocks, will become node operators for the Bitcoin Layer2 network Botanix.
These operators have completed their preparations and will go live once the Botanix mainnet is launched later this quarter.
Botanix Labs aims to ensure the decentralization of the network from its initial stage by forming a node consortium composed of diverse entities.
The Botanix testnet Aragog has launched a series of DeFi foundational tools, including BTC-backed stablecoin Palladium, decentralized exchange Bitzy, and the lending market Spindle. Its protocol Spiderchain is compatible with the Ethereum Virtual Machine (EVM), theoretically enabling Ethereum smart contracts and DeFi applications to run directly on the Bitcoin network.