March 07, 2024
Oyl, a Bitcoin trading application, has successfully raised $3 million in a pre-seed funding round. The venture firm Arca led the round, which also included Arthur Hayes's Maelstrom Fund and Domo, the creator of the BRC-20 token standard.
Project | Latest Raise | Latest Raise | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Oyl | Mar 7, 2024 | $3M | Pre-Seed | $3M | Arca | Bitcoin, Trading, Wallet |
Oyl is focused on developing a trading platform tailored to the Bitcoin ecosystem. The platform offers features such as in-wallet trading for Bitcoin and Bitcoin Ordinals. It also includes a market aggregation tool for BRC-20 tokens and plans to integrate with the Bitcoin-focused DeFi platform, OmniSat. The Oyl Wallet is scheduled for launch in the coming weeks.
Bitcoin Ordinals are non-fungible assets minted with metadata on the Bitcoin network. The BRC-20 token standard allows metadata to be minted on the smallest units of Bitcoin, called satoshis. The recent rise in Bitcoin transactions, partly due to Bitcoin Ordinals, has increased the demand for advanced trading tools. In November 2023, Bitcoin transaction costs surpassed those of Ethereum, highlighting the growing activity within the Bitcoin network.
Oyl's platform aims to provide users with access to these advanced tools within a single application. The $3 million raised will support the development and launch of the platform, positioning Oyl to capitalize on the increasing complexity and volume of Bitcoin transactions.
The pre-seed funding round included a diverse group of investors, including Antalpha, Avid3, Borderless Capital, Eric Chung, Ethos Fund, Foresight Ventures, gmoney NFT, HDF Humble, John Scianna, Kanosei Ventures, Mask Network, Munam Wasi, Nick Hansen, Public Works, PULSAR, Timshel XYZ, Udi Wertheimer, UTXO Management, Web3.com Ventures, and Wormhole.
About Oyl
Oyl is a Bitcoin trading application designed to provide users with advanced trading tools and features within a single platform. The app focuses on Bitcoin and Bitcoin Ordinals, offering market aggregation tools for BRC-20 tokens and integration with the Bitcoin-focused DeFi platform OmniSat. Oyl aims to enhance Bitcoin users' trading experience by delivering comprehensive and accessible tools.
Website: https://www.oyl.io/
X Account: https://x.com/oylwallet
X Followers today: 14,801
X Followers 30 days ago: 6,315
X Follower change: 8,486 (+134.38%)
About Investor
Investor: Arca
Arca is a venture firm specializing in digital assets and blockchain technology. The firm supports the growth and development of innovative blockchain-based projects through capital investment and strategic guidance.
Location: United States
Website: https://www.ar.ca/
LinkedIn: https://www.linkedin.com/company/arca/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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