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.
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.