Newly launched Bitcoin tokens platform BRC20.com has raised $1.5 million in funding led by UTXO Administration, the asset administration arm of Bitcoin Journal’s mum or dad firm, BTC Inc.
The spherical included help from Zanshin Capital Administration, Unbroken Chain, One Block Capital, Sora Ventures, OWL Ventures, Bitcoin Frontier Fund, Hamble and New Tribe Capital.
The funding comes at a time of elevated curiosity within the BRC-20 token commonplace, which was created in March 2023 to facilitate the creation and switch of fungible tokens on Bitcoin through the Ordinals protocol.
“As we speak’s information is a crucial milestone in BRC20.com’s journey as we announce among the most energetic and strategic traders within the Bitcoin and Web3 ecosystems becoming a member of our mission to create essentially the most user-friendly and complete platform construct to find and work together with BRC -20 tokens and different Bitcoin-based belongings,” the corporate stated in a press release to Bitcoin Journal.
The protocol has been criticized by some within the Bitcoin improvement group for its inefficient use of the Bitcoin protocol, in addition to for a way the protocol has helped improve the scale of Bitcoin’s UTXO set, an important measure of its scalability and decentralization of Bitcoin.
Nevertheless, the funding is notable given the current improve in market capitalization for Bitcoin tokens, together with SATS and ORDI, that are every price greater than $1 billion and listed on exchanges comparable to Binance and OKX.
BRC20.com is finest recognized for providing a CoinMarketCap-style dashboard for Bitcoin tokens, however plans to launch a cellular app that may enable customers to bridge, commerce and stake BRC-20 tokens utilizing their telephones. The corporate additionally plans to launch a decentralized relayer community for brand new DeFi protocols powered by the .COM token.
Bitcoin Journal is wholly owned by BTC Inc., which operates UTXO Administration, a regulated capital allocator targeted on the digital asset trade. UTXO invests in a wide range of Bitcoin corporations and maintains important stakes in digital belongings. Bitcoin Journal doesn’t endorse any tokens on bitcoin, together with however not restricted to BRC-20 tokens.