Crypto Wallet Creator Oyl Raises $3 Million in Pre-Seed Round
New York-based Bitcoin infrastructure developer, Oyl, has raised $3 million in a pre-seed round to further develop its browser-based wallet and trading tools. The company aims to simplify the buying and trading of Bitcoin Ordinals inscriptions, which have become popular digital collectibles in the crypto market. Oyl’s wallet allows users to perform in-wallet swaps of inscriptions, making it convenient for crypto enthusiasts.
Backed by Prominent Figures in the Crypto Industry
Oyl’s pre-seed round was led by venture capital firm Arca. Other participants in the funding round include former BitMEX CEO Arthur Hayes’ Maelstrom Fund and pseudonymous BRC-20 creator Domo. Several Ethereum NFT funds and industry players like Taproot Wizards CEO Udi Wertheimer, UTXO Management, Kanosei, and FlamingoDAO also joined the investment round.
Oyl’s Vision for Bitcoin as a Protocol
Oyl CEO Alec Taggart sees Bitcoin evolving beyond being just digital gold. With the introduction of Ordinals and the exploration of development on Bitcoin, it is now being used as a protocol or “digital oil.” The company aims to leverage Ordinals and other Bitcoin-based digital assets to create a seamless trading experience within their wallet.
The Significance of Taproot Upgrade and Ordinals
While Bitcoin remains the top cryptocurrency with a market capitalization of $1.3 trillion, decentralized finance (DeFi) capabilities on the network have been limited. However, with the introduction of the Taproot upgrade and Ordinals, true DeFi on Bitcoin becomes achievable. Oyl believes that Taproot will eventually gain significant utilization due to its compatibility with Ordinals.
Oyl’s Unique Wallet Features
Oyl aims to differentiate its wallet by offering direct in-wallet trading tools for aggregating markets of BRC-20 tokens. The wallet will also integrate swaps using the BRC-20 swapping protocol called Omnisat. Additionally, Oyl plans to categorize assets as either collectibles or tokens, providing users with a clear distinction and better asset management experience.
The Potential of Bitcoin DeFi Ecosystem
Arthur Hayes believes that Bitcoin has the potential to become the go-to DeFi ecosystem in the crypto industry. As a result, infrastructure projects like Oyl are expected to benefit greatly from this development. Hayes expressed his optimism about Oyl’s early lead in the space with its aggregation tools and Ordinal trading technology.
π₯ Hot Take: Oyl Paving the Way for Bitcoin DeFi
Oyl’s $3 million pre-seed round signifies growing interest in developing DeFi capabilities on the Bitcoin network. With its innovative wallet features and focus on simplifying the trading experience, Oyl is well-positioned to become a leading player in the emerging Bitcoin DeFi ecosystem. As more projects emerge in this space, it will be interesting to see how Oyl continues to separate itself from the competition and contribute to the growth of Bitcoin as a protocol.
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