Bitcoin Development Platform Tap Protocol Raises $4.2 Million in Funding
The Bitcoin development platform, Tap Protocol, has successfully raised over $4 million in funding. The round was oversubscribed by more than $13 million, indicating strong investor interest. 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. Additionally, executives from Animoca Brands and Quantstamp made angel investments.
Platform for DeFi and Tokenization
Tech company Trac Systems, the parent company of Tap Protocol, plans to use the funds to develop Bitcoin capabilities as a developer platform for decentralized finance (DeFi), tokenization, and gamification. The company aims to hire skilled developers to advance the protocol and expand its operations. Through Tap Protocol’s Ordinals system, Trac Systems has already enabled applications such as fractionalizing art and integrating token functions for gaming applications.
Returning to Decentralization
Trac Systems aims to enable decentralized tracking of Ordinals metaprotocols. It claims that existing trackers are heavily centralized and goes against the decentralized nature of cryptocurrencies like Bitcoin. The company’s products include Trac Core, Tap Protocol, and Pipe. Tap Protocol is an OrdFi-enabling protocol designed to find and track Ordinals on the Bitcoin blockchain. With over 50,000 users onboarded, the protocol is gaining traction in the market.
Hot Take: Tap Protocol Raises Over $4 Million in Oversubscribed Funding Round
Tech company Tap Protocol has successfully raised more than $4 million in funding through an oversubscribed round led by Sora Ventures. The funds will be used to develop Bitcoin capabilities as a developer platform for decentralized finance, tokenization, and gamification. Tap Protocol’s innovative approach and strong growth align with the vision of driving the evolution of the blockchain ecosystem. With more big announcements expected, Tap Protocol is opening a new chapter in its development. The company aims to leverage Bitcoin as a platform for further advancements and looks forward to adding new features to TAP and TRAC.
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