Bitcoin ordinal-based development platform, Tap Protocol, has successfully raised over $4 million in an oversubscribed funding round. The company announced the news on Twitter, stating, “We are happy to announce our successful fund raise of $4.2 million, which was oversubscribed by $13 million+.” Leading the round was Sora Ventures, with participation from Rw3, Cypher Capital, Kosmos Ventures, Oak Grove Capital, Petrock Capital, New Tribe Capital, Cogitent Ventures, Compute Ventures, MSA Novo, and Skry Labs. The round also saw angel investments from executives at Animoca Brands and Quantstamp.
“Tap Protocol’s innovative approach, combined with Trac Systems’ impressive growth, aligns with our vision for driving forward the evolution of the blockchain ecosystem,” said Oak Grove Capital.
Tap Protocol, a subsidiary of German-based company Trac Systems, plans to utilize the raised funds to enhance Bitcoin capabilities as a developer platform leveraging the Ordinals system. The company aims to explore decentralized finance (DeFi), tokenization, and gamification. CEO of Trac Systems, Benny the Dev, commented, “We are excited to expand our operations and hire skilled developers to advance the protocol.”
Tap Protocol’s Ordinals system has already enabled various applications. These include fractionalizing art on the platform and integrating token functions for gaming applications. The company also teased more “big announcements” in the near future.
Trac Systems: Empowering Decentralized Tracking of Ordinals
According to Trac Systems, their enterprise support packages will be available in early 2024. The company aims to enable the decentralized tracking of Ordinals metaprotocols, highlighting the centralized nature of existing trackers, which goes against the fundamental principles of crypto and Bitcoin. Trac Systems offers products such as Trac Core, Tap Protocol, and Pipe. Tap Protocol, specifically designed for OrdFi, allows for secure and accessible development on the Bitcoin blockchain. The protocol boasts a user base of over 50,000 onboarded users.
