Tap Protocol secures $4.2 million investment to drive growth in Bitcoin's layer 2 scaling.
In a significant move within the Bitcoin ecosystem, Tap Protocol, a pioneer focusing on Bitcoin-based startups, has successfully completed a $4.2 million investment round. This funding round was led by Sora Ventures, signaling exponential growth and innovation in the Bitcoin and blockchain technology space.
We are happy to announce our successful fund raise of $4.2m which was oversubscribed by $13m+.
Big thanks to our incubator @Skrylabs throughout as well as lead investor @sora_ventures for their support.
With this, we open a new chapter on further development and look forward… pic.twitter.com/2oiGtbEKkK
— Tap Protocol (@tap_protocol) December 16, 2023
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Important Financing Milestone for Trac Systems
German startup Trac Systems, the driving force behind Tap Protocol, has successfully secured additional funding. This round of investment was led by Sora Ventures and brought together a series of venture capital giants and angel investors. The injection of funds provides Trac Systems with a solid foundation to accelerate their operations and innovations in the Bitcoin space.
This funding round attracted attention from Cypher Capital, Rw3, Oak Grove Capital, among others, who placed their bets on Tap Protocol. Angel investments from executives of Animoca Brands and Quantstamp further bolstered this financial activity, highlighting broad confidence in Tap Protocol's future.
Applications of Tap Protocol in the Bitcoin Ordinals Space
Trac Systems is gearing up to expand its operations. With its protocol making waves in the Bitcoin Ordinals space, the focus now shifts to recruiting top developers. This hiring spree will be crucial in enhancing the protocol's products and driving Bitcoin utility and adoption.
Tap Protocol aims to introduce programmability to the Bitcoin ecosystem. Its versatility opens doors to various applications, from transforming Ordinals art to leading DeFi applications on Bitcoin Ordinals. It is claimed that the design of the Tap Protocol protocol is particularly well-suited for gaming applications, bringing unique features like token exchanges and multi-sends.
Benny the Dev, CEO of Trac Systems, emphasizes their readiness to explore new frontiers of tokenization, gamification, and DeFi on the Bitcoin platform, bringing transformation to the Bitcoin ecosystem.