Ordinal Wallet Oyl has completed a $3 million funding round, with BitMEX founder Arthur Hayes participating

The Block reported that the 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.

What is Oyl?

As the foundational infrastructure of the Bitcoin ecosystem, Oyl aims to provide a trading platform focused on the Ordinals ecosystem.

The main services include a wallet that allows for trading Bitcoin, Ordinals, and BRC-20 tokens within the wallet, a market aggregator for BRC-20 tokens, and integration with the BTC chain DeFi platform OmniSat:

Oyl aims to provide Bitcoin users with a more convenient, secure, and efficient trading experience and promote the development of the Bitcoin ecosystem.

Reportedly, the official wallet Oyl Wallet is expected to launch in the coming weeks.

Oyl Secures $3 Million in Funding

Tagga, co-founder of the Bitcoin trading app Oyl, announced yesterday that they have completed a $3 million Pre-Seed funding round led by venture capital firm Arca.

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I'm delighted to share that @OylDynamics has successfully raised $3M in pre-seed funding. At Oyl, our mission is to provide the ecosystem with the necessary infrastructure to unlock and extend the capabilities of the Bitcoin protocol. https://t.co/1WlnyOy9jw pic.twitter.com/OG2iHbYBGZ

— Tagga (@taggaOyl) March 7, 2024

Notably, BitMEX co-founder Arthur Hayes and the pseudonymous creator of the BRC-20 token Domo also participated in this funding round. The list also includes other Ethereum NFT funds such as Kanosei and FlamingoDAO, marking their first investment in a Bitcoin-related team.

Hayes expressed his support through a statement:

Having previously focused on funds on other chains, I finally discovered the potential in Bitcoin related to Ordinals.

He added, "The winner in Bitcoin DeFi infrastructure is yet to be determined, and Oyl presents a huge opportunity."

Two weeks ago, Hayes also heavily invested through his family office Malestrom in stablecoin issuer Ethena, leading the company to raise up to $20 million in funding.

Stablecoin issuer Ethena secures additional funding led by Dragonfly Capital and Arthur Hayes

One of Arthur Hayes' Narratives?

In recent months, there has been a surge in trading volume on the Bitcoin chain, attributed to the resurgence of Ordinals.

Previously, Arthur Hayes explained the importance of narratives in the crypto market through his essay "Chief Story Officer," stating that narratives are often the main driver of price increases:

The story behind a token or project is often more important than the technology, as the general public finds it difficult to assess the quality of technology but can easily understand the quality of a story.

Perhaps, this could be one of the narratives Hayes is about to tell.

Arthur Hayes on the Importance of Narratives: It's not about the technology, telling a story is the key to project success