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Tap Protocol Raises $4.2 Million to Develop Bitcoin Applications

Tap Protocol, an Ordinals-based Bitcoin development platform, has raised $4.2 million in an oversubscribed funding round led by Sora Ventures and Rw3 (@sora_ventures).

Funding Exceeds Expectations

The company received over $13 million in oversubscriptions (@tap_protocol), indicating strong investor interest in Tap Protocol’s innovative approach to building on top of Bitcoin. Angel investors from Animoca Brands and Quantstamp also participated.

Investors Praise Tap Protocol’s Growth Potential

Oak Grove Capital praised Tap Protocol’s “next generation meta-protocol” and Trac Systems’ rapid growth (oakgrove.vc). Trac Systems, Tap Protocol’s parent company, plans to use the funding for further development focused on DeFi, tokenization, and gamification of Bitcoin (@trac_btc)

Expanding the Development Team

CEO Benny the Dev emphasized Trac Systems’ strong positioning to develop on Bitcoin (@tap_protocol). The company intends to expand its engineering team to accomplish its vision.

Existing and Upcoming Products

Tap Protocol has already enabled applications like art fractionalization and gaming token integration. Trac Systems has launched trac.network and tap protocol, and offers Trac Core, an oracle and indexer for Bitcoin. Over 50,000 users have joined. The company teased “big announcements” soon (@trac_btc).

Enterprise Support on the Way

Trac Systems announced upcoming enterprise support packages in early 2024 to provide business solutions leveraging its products (@tap_protocol). With this new funding, Tap Protocol plans to continue innovating at a rapid pace on top of Bitcoin.

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