Tap Protocol, a key innovator in the Bitcoin network, has completed a $4.2 million funding round, led by Sora Ventures. The significant financial boost positions Tap Protocol for substantial growth in the Bitcoin ecosystem.
The funding round attracted an impressive array of venture capital firms and angel investors, laying a solid foundation for Trac Systems, the German company behind Tap Protocol, to expand its operations and enhance its technological offerings.
Venture capital firms and angel investors rally behind Tap Protocol
The funding round saw participation from notable venture capital firms such as Cypher Capital, Rw3, Oak Grove Capital, Petrock Capital, Kosmos Ventures, New Tribe Capital, Cogitent Ventures, Compute Ventures, and MSA Novo. Additionally, angel investments from executives at Animoca Brands and Quantstamp further bolstered the financial support, reflecting the growing confidence in Tap Protocol’s potential within the Bitcoin network.
Jason Fang, Founder and Managing Partner at Sora Ventures, highlighted the pivotal role Tap Protocol plays in the Bitcoin community. His optimistic view underscores the belief in Bitcoin’s transformative potential and the impactful projects associated with it. Fang’s statement, “Tap Protocol is one of the leading developer communities building on Bitcoin. With the support of the round, we are excited to see how the team can help scale the future of Bitcoin adoption,” emphasizes the strategic importance of the investment.
Trac Systems’ post-fundraising expansion plans
Following the successful fundraising, Trac Systems is set to ramp up its expansion efforts. The focus will be on hiring skilled developers to further develop the Bitcoin Ordinals-based protocol. Tap Protocol has been instrumental in the Bitcoin network, offering functionalities like the fractionalization of Ordinals art and enabling decentralized finance applications on Ordinals. The protocol’s design is versatile, accommodating various gaming applications and featuring token redemption and multisend capabilities.
Benny the Dev, CEO of Trac Systems, expressed his enthusiasm about the fundraising success and the company’s readiness to innovate within the Bitcoin platform. His focus on utilizing Trac Core and TAP Protocol for new possibilities in tokenization, gamification, and decentralized finance underscores the company’s commitment to technological advancement.
The TAP Protocol is uniquely designed to track Ordinals and facilitate OrdFi applications without the need for complex Layer 2 chains. Introducing the TAP token standard, the protocol stands out for its simplicity and accessibility. Its core mechanism, “tapping,” simplifies transaction verification within the protocol. The decentralized API of Trac allows developers to create innovative applications for the Ordinals space, as the company has already established a robust indexing system to track various assets.
TAP’s unique features and community governance
Building on the principles of BRC-20, TAP differentiates itself with its decentralized nature, allowing for community-led improvements and integrations. TAP has strategically reserved specific ticker lengths to facilitate future connectivity with BRC-20 tokens. Externally, TAP mirrors BRC-20 to ensure easy integration with existing marketplaces and wallets, enabling TAP tokens to be traded like BRC-20 tokens.
Internally, TAP offers unique functionalities like token staking, swaps, and a mass-sending feature, all governed by the community using $TRAC tokens. Among its features, TAP includes Token-Send for mass transfers, Token-Trade for text-inscription-based trading, and Token-Auth for third-party issuance of signed redeem inscriptions, useful in gamification and cross-chain marketplaces.
The TAP Protocol marks a significant advancement in Bitcoin Ordinals, catering to both external marketplaces and internal users. It promises a versatile and community-driven future in Bitcoin-based token operations and the emerging landscape of decentralized applications (dApps). With the backing of Sora Ventures and other investors, Tap Protocol is poised to lead a new wave of innovation and adoption in the Bitcoin ecosystem.