Tap Protocol, a Bitcoin-based development platform utilizing the Ordinals system, has secured over $4 million in an oversubscribed funding round, signaling more significant developments on the horizon. Announcing the success on Twitter, Tap Protocol expressed its satisfaction with the $4.2 million raise, which exceeded the initial target by over $13 million. Sora Ventures led the funding round, with participation from notable entities such as Rw3, Cypher Capital, Kosmos Ventures, and Oak Grove Capital, among others. Angel investments came from executives at Animoca Brands and Quantstamp.
Bitcoin Development Platform Tap Protocol Closes 4.2 Million Dollars Funding Round
Oak Grove Capital highlighted Tap Protocol’s innovative approach and the impressive growth of Trac Systems, its parent company, aligning with their vision for advancing the blockchain ecosystem. Tap Protocol, operating under the umbrella of German-based company Trac Systems, revealed plans to utilize the raised funds for the development of Bitcoin capabilities as a developer platform using the Ordinals system. The strategic focus extends to decentralized finance (DeFi), tokenization, and gamification.
Benny the Dev, CEO of Trac Systems, emphasized the company’s readiness to leverage Bitcoin as a platform for tokenization, gamification, and DeFi following the successful fundraise. The company aims to expand its operations and recruit skilled developers to propel the protocol forward. Trac Systems highlighted the achievements enabled by Ordinals through Tap Protocol, including fractionalizing art on the Ordinals platform and integrating token functions for gaming applications. As the protocol embarks on a new chapter of development, anticipation builds for more significant announcements in the days and weeks to come.
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