The Tap Protocol, a Bitcoin Ordinals-based development platform, has secured over $4 million in a highly oversubscribed funding round, hinting at upcoming significant announcements.
Announcing the successful fundraising of $4.2 million, Tap Protocol expressed its satisfaction with the round being oversubscribed by more than $13 million, as shared on their Twitter account.
Sora Ventures led the funding round, with notable participation from Rw3, Cypher Capital, Kosmos Ventures, Oak Grove Capital, Petrock Capital, New Tribe Capital, Cogitent Ventures, Compute Ventures, MSA Novo, and Skry Labs.
In addition to these contributions, there were angel investments from executives associated with Animoca Brands and Quantstamp.
Oak Grove expressed its perspective on Tap Protocol, stating, “Tap Protocol’s innovative approach, coupled with Trac Systems’ impressive growth, aligns with our vision for propelling the evolution of the blockchain ecosystem.”
The protocol itself added, “With this, we embark on a new chapter in our development and eagerly anticipate the addition of new elements to TAP and TRAC.” However, it emphasized that there are still more “significant announcements” to come in the upcoming days and weeks.
Platform for DeFi
Trac Systems, a German-based company and the parent entity of Tap Protocol, has outlined its intention to use the raised funds for advancing Bitcoin capabilities within its developer platform, employing the Ordinals system.
The company’s strategic objectives extend into decentralized finance (DeFi), tokenization, and gamification.
Benny the Dev, CEO of Trac Systems, remarked, “With the successful conclusion of the fundraising, Trac Systems is now in a strong position to build on top of Bitcoin and leverage it as a platform for tokenization, gamification, and DeFi.”
In addition to its development goals, the company has set its sights on expanding operations and recruiting talented developers to propel the protocol forward.
Trac Systems highlighted that Ordinals, implemented through Tap Protocol, has already facilitated various applications. These range from fractionalizing art on the Ordinals platform to integrating token functionalities for gaming applications.
In a late November update, Tap Protocol expressed, “Everything is moving smoothly behind the scenes. TAP adoption and interest is skyrocketing already.”
A recent announcement characterized Tap Protocol as “the ultimate in flexible metaprotocols for Ordinals,” coinciding with the unveiling of Trac Systems’ new website.
Returning to Decentralisation
According to its website, Trac Systems is focused on enabling the decentralized tracking of Ordinals metaprotocols. It emphasizes the issue of existing trackers being heavily centralized, contrary to the decentralized principles of cryptocurrencies, including Bitcoin.
Trac Systems asserts that it addresses this problem by offering a decentralized network that empowers anyone to connect, utilize, and earn from it. This approach is aimed at fostering a more decentralized and inclusive ecosystem in contrast to the centralized alternatives currently prevalent in the crypto space.
Trac Systems offers a suite of products, namely Trac Core, Tap Protocol, and Pipe.
Tap Protocol, abbreviated as TAP, serves as an OrdFi-enabling protocol specifically crafted for discovering and tracking Ordinals. The protocol facilitates secure and accessible development on the Bitcoin blockchain, as highlighted by its parent company.
Notably, the protocol has successfully onboarded more than 50,000 users, showcasing its growing user base and adoption within the crypto ecosystem.
