Bitcoin Ordinals wallet Oyl has secured $3 million in pre-seed funding, with support from prominent investors including crypto entrepreneur Arthur Hayes and BRC-20 token standard creator Domo. The backing of multiple Ethereum NFT funds, such as Kanosei and FlamingoDAO, highlights a significant shift towards Bitcoin-focused ventures within the Ethereum community.
What is Bitcoin Ordinals About?
Oyl aims to bridge the gap between Bitcoin and decentralized finance (DeFi) by introducing the Ordinals Protocol. This protocol enables users to mint tokens that can be traded on the Bitcoin network, effectively bringing NFTs and DeFi functionalities to the Bitcoin ecosystem.
Meet the Team Behind Oyl
The founders of Oyl are visionary individuals committed to driving innovation within the Bitcoin and DeFi space. Their expertise and dedication to advancing the Ordinals Protocol position Oyl as a pioneering platform in the industry.
Backers and Investors
The $3 million pre-seed funding round was led by Arca, a venture firm primarily focused on Ethereum NFTs. Additionally, the support from Ethereum NFT funds like Kanosei and FlamingoDAO signifies a growing interest in Bitcoin-centric projects within the Ethereum community.
Plans for the Investment
With the newly acquired funding, Oyl is poised to roll out its platform in the coming weeks. The investment will fuel the development of Oyl’s infrastructure and enable the platform to offer “in-wallet” trading of Ordinals. This move is expected to revolutionize the way users interact with Bitcoin and DeFi.
Benefits for the Industry
Oyl’s introduction of the Ordinals Protocol brings significant benefits to the industry. By facilitating the creation and trading of tokens on the Bitcoin network, Oyl expands the utility of Bitcoin beyond its traditional use case as a store of value. This innovation opens up new possibilities for decentralized finance and tokenization within the Bitcoin ecosystem.
Conclusion
As Oyl prepares to launch its platform, the stage is set for a new era of Bitcoin-DeFi integration. With the support of influential investors and a visionary team behind it, Oyl is well-positioned to drive innovation and reshape the landscape of decentralized finance. Join Oyl’s journey to unlock the full potential of Bitcoin in the world of DeFi.
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FAQs
Q1. What is the Ordinals Protocol?
The Ordinals Protocol enables users to mint tokens that can be traded on the Bitcoin network by embedding data into small Bitcoin-based transactions. This protocol brings functionalities such as NFTs and DeFi to the Bitcoin ecosystem.
Q2. How does Oyl benefit from Ethereum NFT funds’ backing?
The support from Ethereum NFT funds like Kanosei and FlamingoDAO not only provides financial backing but also validates Oyl’s mission to bridge Bitcoin and DeFi. Additionally, it opens up collaboration opportunities and strengthens Oyl’s position within the broader crypto community.
