Venture capital firms and angel investors rally behind Tap Protocol
Tap Protocol, a prominent innovator in the Bitcoin network, has successfully concluded a funding round worth $4.2 million. The round was led by Sora Ventures and attracted a diverse group of venture capital firms and angel investors. This substantial financial support provides Trac Systems, the German company behind Tap Protocol, with a solid foundation to expand its operations and enhance its technological offerings.
Among the notable participants in the funding round were venture capital firms Cypher Capital, Rw3, Oak Grove Capital, Petrock Capital, Kosmos Ventures, New Tribe Capital, Cogitent Ventures, Compute Ventures, and MSA Novo. Additionally, executives from Animoca Brands and Quantstamp made angel investments, demonstrating their growing confidence in Tap Protocol’s potential within the Bitcoin network.
Jason Fang, the Founder and Managing Partner at Sora Ventures, emphasized the pivotal role Tap Protocol plays in the Bitcoin community. 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,” underlines the strategic importance of the investment.
Trac Systems’ Expansion Plans Following Fundraising
With the successful completion of the fundraising, Trac Systems is now gearing up to expand its operations. Tap Protocol has played a critical role in the Bitcoin network by offering functionalities such as the fractionalization of Ordinals art and enabling decentralized finance applications on Ordinals. The protocol’s versatile design accommodates various gaming applications and features token redemption and multisend capabilities.
Benny the Dev, CEO of Trac Systems, expressed his enthusiasm for the fundraising success and the company’s commitment to innovation within the Bitcoin platform. He highlighted the potential of utilizing Trac Core and TAP Protocol for new possibilities in tokenization, gamification, and decentralized finance.
One standout feature of the protocol is the introduction of the TAP token standard, known for its simplicity and accessibility. The core mechanism, referred to as “tapping,” simplifies transaction verification within the protocol. Trac’s decentralized API empowers developers to create innovative applications for the Ordinals space, leveraging the company’s robust indexing system to track various assets.
TAP’s Unique Features and Community Governance
Built on the principles of BRC-20, TAP distinguishes itself with its decentralized nature, enabling community-led improvements and integrations. Externally, TAP mirrors BRC-20, ensuring seamless integration with existing marketplaces and wallets, and allowing TAP tokens to be traded like BRC-20 tokens.
Internally, TAP offers distinctive functionalities such as token staking, swaps, and a mass-sending feature, all governed by the community using $TRAC tokens. Noteworthy features include Token-Send for mass transfers, Token-Trade for text-inscription-based trading, and Token-Auth for third-party issuance of signed redeem inscriptions, which prove 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. 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.