The Block Report: Bitcoin Wallet Oyl Completes $3 Million Pre-Seed Funding Round
Bitcoin wallet Oyl has completed a $3 million pre-seed funding round, led by venture capital firm Arca, with participation from BitMEX co-founder Arthur Hayes and Domo, the creator of the BRC-20 framework.
Oyl aims to provide a trading platform focused on the Ordinals ecosystem, which includes Bitcoin. Its main services include a wallet with functionality for trading Bitcoin, Ordinals, and BRC-20 tokens, a market aggregator for BRC-20 tokens, and integration with BTC chain DeFi platform OmniSat.
Oyl’s goal is to provide Bitcoin users with a more convenient, secure, and efficient trading experience, and to promote the development of the Bitcoin ecosystem. The official Oyl Wallet is expected to launch in the coming weeks.
Tagga, co-founder of the Bitcoin trading application Oyl, announced yesterday that the company has completed a $3 million pre-seed funding round led by venture capital firm Arca. Arthur Hayes, co-founder of BitMEX, and Domo, the creator of the BRC-20 token, also participated in this funding round. Other investors include Ethereum NFT funds Kanosei and FlamingoDAO. This is their first investment in a Bitcoin-related team.
Hayes expressed his support through a statement, stating that he has finally discovered the potential of Ordinals on Bitcoin after focusing on funds on other chains. He added, “The winner in Bitcoin DeFi infrastructure is still uncertain, and this (Oyl) is a huge opportunity.”
Arthur Hayes has been actively investing in the cryptocurrency market. Two weeks ago, through his family office Malestrom, he invested heavily in stablecoin issuer Ethena, helping the company raise up to $20 million.
In recent months, the trading volume on the Bitcoin chain has increased, which is believed to be related to the revival of Ordinals. Arthur Hayes has previously emphasized the importance of storytelling in the crypto market, stating that it is often the main driver of price increases.
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Source: The Block
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