Coinspeaker
Ordinals-based Tap Protocol Raises $4.2M to Advance Bitcoin Adoption
Trac Systems, a German-based company and the parent entity of Tap Protocol, recently announced the completion of a funding round where it pulled the sum of $4.2 million from investors. The funding round was led by Sora Ventures and the capital raised is earmarked for the continued development of the company’s initiatives, particularly in the Bitcoin (BTC) ecosystem.
Trac Systems Funding: Ultimate Goal
Trac Systems has been gaining attention for its innovative approach to blockchain technology, and this recent injection of capital is poised to accelerate its efforts. The blockchain startup’s Tap Protocol focuses on leveraging the capabilities of the Bitcoin blockchain through the Ordinals system.
Interestingly, the $4.2 million fund will be instrumental in fostering innovation and contributing to the broader ecosystem of applications built on the Bitcoin blockchain. As highlighted by the firm, the fund will likely empower Tap Protocol to refine its infrastructure, enhance user experience, and explore novel applications within the Bitcoin ecosystem.
Notably, the company has revealed several applications that have seen the light of day in the Ordinals world through the Tap Protocol. Also, Benny the developer and CEO of Trac Systems, noted that the platform will be utilized for tokenization, gamification, and Decentralized Finance (DeFi).
Meanwhile, the decision to develop BTC is noteworthy, considering the cryptocurrency’s reputation as a secure and decentralized network. While many blockchain projects have emerged on alternative platforms, Trac Systems’ focus on BTC underscores a commitment to the principle of security and decentralization.
Bitcoin’s Utility Extends Beyond a Store of Value
While some criticize Ordinals and NFTs as unnecessary congestion on the BTC network, supporters of the move see them as a way to expand the utility of Bitcoin and showcase its possibilities beyond just storing value. Beyond this, Tap Protocol also seeks to continue building new Bitcoin applications, ranging from fractionalization of Ordinals art and token functions for gaming applications.
Recall that in November, Taproot Wizards secured new funding to further develop the BTC ecosystem. The $7.5 million fundraising led by Standard Crypto will help Taproot Wizards bring together developers to build different applications and solutions on top of the Bitcoin Base layer that will maximize the potential of the Taproot upgrade carried out in 2021.
Additionally, the project aims to foster an ecosystem where Bitcoin developers can freely collaborate to push the boundaries of what is possible on the blockchain. It also focuses on enhancing scalability and privacy for the Bitcoin network using innovations like zero-knowledge (ZK) proofs and layer-roll-ups.
As traditional financial institutions and seasoned investors recognize the transformative potential of blockchain, companies like Trac Systems and Taproot Wizards have become beneficiaries of a favorable funding environment. Also, the funds position Trac Systems and its outfit, Tap Protocol, as key players in the evolving world where more utilities are making their way to Bitcoin.
Ordinals-based Tap Protocol Raises $4.2M to Advance Bitcoin Adoption
