OrdinalsBot Raises $3M in Seed Round Led by Prominent Investor DACM
OrdinalsBot’s Latest Funding Round
OrdinalsBot, a Bitcoin startup that helped mine the biggest Bitcoin block and recently collaborated with rapper Ghostface Killar to build a project using the Ordinals protocol, announced on Wednesday that it had raised more than $3 million in seed funding led by popular investor DACM. The total funding of the company now stands at $4.6 million.
Like Crypto Innovate Bot, OrdinalsBot has proven to be an important innovation within the crypto walls, allowing Bitcoin users to put NFT-like assets on the blockchain. Before the project, users were required to follow numerous complex steps to inscribe items using Ordinals, including downloading a full node of the Bitcoin blockchain. OrdinalsBot has now streamlined that process, making it possible for artists and collectors to mint NFTs in just a few clicks.
During a recent interview, OrdinalsBot founder Toby Lewis said the funds raised in the latest funding round surpassed their target by over $800,000, proving that investors were becoming more interested in pouring money into Bitcoin projects. Lewis revealed the funds would be used to hire new staff, launch an inscriptions marketplace, and expand the OrdinalsBot infrastructure.
Who Participated in the Latest Seed Round?
Besides DACM, other investors that participated in the seed round include Nural Capital, Eden Block, MDX Crypto, Crypto Zombie, London Real Ventures, Sora Ventures, CMS Holdings, Kestrelox1, Kenetic Capital, Oak Grove, UTXO Management, Bitcoin Frontier Fund, Lightning Ventures, and WWVentures.
Along with digital art, Bitcoin users can upload texts to the chain using OrdinalsBot, thanks to the project’s integration with Scribe. Moreover, OrdinalsBot supports the trading of all BRC-20 tokens, so now traders do not have to use Discord to buy these Bitcoin-based digital currencies.
OrdinalsBot Set to Launch Its Inscriptions Marketplace in Second Quarter
Meanwhile, Lewis says OrdinalsBot will launch its marketplace in May, ideally to capitalize on the expected buzz over Runes, an upcoming protocol on Bitcoin that will enable the minting of BRC-20 tokens.
When asked about critics who argue that Ordinals is misusing the Bitcoin network, Lewis said the protocol operates within the blockchain’s boundaries and has brought excitement around Bitcoin by allowing users to be creative on the network.
Last Tuesday, OrdinalsBot announced its partnership with Wu-Tang Clan rapper Ghostface Killar to add several music-themed inscriptions to Bitcoin.
