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 guardian firm BTC Inc.
The spherical included assist 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 normal, created in March 2023 to facilitate the creation and switch of fungible tokens on Bitcoin by means of the Ordinals protocol.
“At this time’s information is a vital milestone within the journey of BRC20.com as we announce among the most lively and strategic buyers throughout the Bitcoin and Web3 ecosystems becoming a member of our mission of constructing probably the most user-friendly and complete platform for locating and interacting with BRC-20 tokens and different Bitcoin-based property,” the corporate stated in a press release to Bitcoin Journal.
The protocol has been criticized by some within the Bitcoin growth group for its inefficient use of the Bitcoin protocol, in addition to how the protocol has contributed to rising the scale of Bitcoin’s UTXO set, an important metric for Bitcoin’s scalability and decentralization.
Nonetheless, the funding is notable given the current improve in market capitalization for Bitcoin tokens together with SATS and ORDI, which have risen to be price greater than $1 billion every and have been listed on exchanges resembling Binance and OKX.
BRC20.com is greatest identified for offering a CoinMarketCap model dashboard for Bitcoin tokens however plans to launch a cellular app that might enable customers to bridge, commerce and stake BRC-20 tokens with 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 property business. UTXO invests in quite a lot of Bitcoin companies, and maintains important holdings in digital property. Bitcoin Journal doesn’t endorse any tokens on bitcoin, together with however not restricted to BRC-20 tokens.
