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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
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.
Story continues
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
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
