Bitcoin project Ordinals Tap Protocol raises $4.2M

Tap Protocola protocol that offers functionalities for the Ordinals ecosystem on Bitcoinhas just completed a round of financing from 4.2 million dollars led by Sora Ventures.

Developed by the startup Trac systems, Tap Protocol can be used to split NFT Ordinals in order to “unleash the potential of micro-property”. The platform also provides liquidity pools to enhance Ordinals market depth, as well as lending and staking services.

TAP is an OrdFi-compatible protocol that includes – but is not limited to – the TAP token standard. The aim of TAP is to build on what made BRC-20 great, while retaining its independence from centralized entities. TAP enables new functionalities that will be systematically added to the protocol through community governance,” reads the project’s Github page.

This weekend, Tap protocol announced that it had closed a $4.2 million fundraising round led by Taiwanese venture capital firm Sora Ventures.

“Many thanks to our incubator Skrylabs and our lead investor Sora Ventures for their support. We are opening a new chapter on further development and look forward to all the new features being added to TAP and TRAC,” commented the project on X.

The deal also includes the participation of several investors from the crypto ecosystem, including Oak Grove Ventures, Cypher Capital, Kosmos Ventures and Cogitent Ventures.

Tap Protocol’s innovative approach, combined with Trac Systems’ impressive growth, aligns with our vision to advance the evolution of the blockchain ecosystem,” Oak Grove Ventures blogged.

Unveiled earlier this year, Ordinals enables the creation of “registrations”, akin to a kind of NFT, on the Bitcoin blockchain.

Read:  Celsius asset disposals: altcoins down in the short term?

Last month, the Ordinals Taproot Wizards collection raised $7.5 million from Standard Crypto.

To keep abreast of the latest Crypto and Web3 news, click here. on TwitterLinkedin, Google, Facebook and Telegram

The Best Online Bookmakers February 24 2024

BetMGM Casino