Ordinals Wallet Oyl Secures $3 Million in Funding, Backed by BitMEX Founder Arthur Hayes

The Block reported that the Bitcoin wallet Oyl has completed a $3 million pre-seed funding round, led by venture capital firm Arca, with participation from BitMEX co-founder Arthur Hayes and Domo, the creator of the BRC-20 framework.

Oyl aims to provide a trading platform focused on the Ordinals ecosystem, which is a decentralized finance (DeFi) solution built on top of Bitcoin. Its main services include a wallet with the ability to transact Bitcoin, Ordinals, and BRC-20 tokens, a market aggregator for BRC-20 tokens, and integration with the BTC-based DeFi platform OmniSat.

The goal of Oyl is to offer a more convenient, secure, and efficient trading experience for Bitcoin users and promote the development of the Bitcoin ecosystem. The official Oyl Wallet is expected to launch in the coming weeks.

Tagga, co-founder of the Bitcoin trading application Oyl, announced yesterday that they have completed a $3 million pre-seed funding round led by venture capital firm Arca. Arthur Hayes, co-founder of BitMEX, and Domo, the creator of the BRC-20 token, also participated in this funding round. Other investors include Ethereum NFT funds such as Kanosei and FlamingoDAO. This is their first investment in a Bitcoin-related team.

Hayes expressed his support through a statement, stating that he had been focused on funding on other chains but finally recognized the potential of Ordinals on Bitcoin. He added that the winner in Bitcoin DeFi infrastructure is still to be determined, and Oyl presents a huge opportunity.

In the past few months, the trading volume on the Bitcoin chain has surged, attributed to the resurgence of Ordinals. Hayes has previously emphasized the importance of narratives in the crypto market, stating that the story behind a token or project is often more important than the technology itself.

Arthur Hayes
BitMEX
Ordinals
Oyl
Funding