Tap Protocol (TRAC) has completed a $4.2 million investment round led by Sora Ventures to enhance its role in the Bitcoin ecosystem. The investment round, which saw participation from numerous venture capital firms and angel investors, provided significant growth support to the German company Trac Systems behind Tap Protocol. The investment news increased TRACK’s price by double digits.
Focusing on Developing a Bitcoin Ordinals-Based Protocol
The investment round for Tap Protocol to enhance its role in the Bitcoin ecosystem was realized with the participation of prominent 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. The investment amount was also supported by angel investments from Animoca Brands and Quantstamp executives.
Jason Fang, the Founder and Managing Partner of Sora Ventures, highlighted the vital role of Tap Protocol in the Bitcoin community, especially in promoting adoption. Fang’s optimism reflects the high interest in Bitcoin’s transformative potential and related projects. “Tap Protocol is one of the leading developer communities built on Bitcoin. With the support of the round, we are excited to see how the team can help scale the future of Bitcoin’s adoption,” Fang commented.
Following the investment fundraising round, Trac Systems is preparing to expand its operations by hiring talented developers to advance the development of a Bitcoin Ordinals-based protocol. Tap Protocol has become a significant player in the Bitcoin network by offering a range of features including the fragmentation of Ordinals and enabling decentralized finance (DeFi) applications on Ordinals. The design of the protocol, which hosts various gaming applications and includes token redemption and multi-send features, points to its versatility.
TAP Protocol and OrdFi
TAP Protocol is designed to find and track Ordinals and facilitates OrdFi applications without the need for complex Layer 2 chains. This protocol, which introduces the TAP token standard, stands out for its simplicity and accessibility. Its core mechanism, “tapping,” facilitates transaction verification within the protocol.
Benefiting from the fundamental principles of the Bitcoin token standard BRC-20, TAP distinguishes itself with its decentralized nature and the continuous improvements and feature integrations managed by the community. To facilitate future connections with BRC-20 tokens, TAP offers specific ticker lengths of 1, 2, and 4 characters.
Built on the foundation of BRC-20, TAP sets itself apart with its independence from central institutions and allows for ongoing community-led developments and feature integrations. TAP reserves certain ticker lengths (1, 2, and 4 characters) for future interconnectivity between BRC-20 and TAP tokens.
Externally, TAP mirrors BRC-20 and provides easy integration with existing marketplaces and wallets. This allows TAP tokens to be bought and sold similarly to BRC-20 tokens. Internally, TAP offers unique features such as token staking, swaps, and batch sending. The community can utilize these features by using the TRAC token.
Following the investment news, TRAC’s price jumped by double digits. The price of the BRC-20 token increased by 12.78% in the last 24 hours to $6.88. Data shows that the price of the altcoin has increased by 71.35% in the last seven days and 84.53% in the past month.
