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    Bitcoin Ordinals Wallet Oyl Raises $3M With Arthur Hayes, BRC-20 Creator Domo Among Investors

    Multiple Ethereum NFT funds were also among the backers, marking their first investment in a Bitcoin-focused company

    by Jamie Crawley|Edited by Aoyon Ashraf
    Updated Mar 7, 2024, 6:00 p.m. Published Mar 7, 2024, 6:00 p.m.
    16:9 Funding, fundraise, dollars (Gerd Altmann/Pixabay)
    16:9 Funding, fundraise, dollars (Gerd Altmann/Pixabay)

    Bitcoin Ordinals wallet Oyl has raised $3 million in pre-seed funding with backing from investors, including crypto entrepreneur Arthur Hayes and pseudonymous BRC-20 token standard creator Domo.

    The round was led by Arca, a venture firm primarily focused on Ethereum non-fungible tokens (NFTs), according to an emailed announcement on Thursday.

    Multiple other Ethereum NFT funds were also among the backers, marking their first investment in a Bitcoin-focused company. These investors included Kanosei and FlamingoDAO.

    Oyl is set to roll out in the coming weeks and will be the first platform to offer "in-wallet" trading of Ordinals.

    The Ordinals Protocol allows users to mint tokens that can be traded on the Bitcoin network by embedding data into small Bitcoin-based transactions. Ordinals has brought an equivalent of NFTs and other decentralized finance (DeFi) functions to the Bitcoin ecosystem.

    Read More: Bitcoin NFT Project Taproot Wizards Sells Out First Collection, Raking in $13M


    Bitcoin ordinalsWalletFunding RoundsArthur Hayes
    Jamie Crawley

    Jamie joined CoinDesk as a news reporter in February 2021 after writing widely about crypto and blockchain for two years in other roles. Away from crypto, Jamie runs a lot and loves all things sport. He holds small amounts of BTC, ETH, ADA and LTC.

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