- Sora Ventures announced the launch of a $2 million fund to support the Ordinals ecosystem.
- The raised funds will be used for the development of projects within the Tap Protocol.
- Previously, this protocol attracted $4.2 million in investments from more than 10 funds.
Venture capital firm Sora Ventures has launched a $2 million liquid fund focused on the development and support of Tap Protocol. This is reported by Crypto Slate, citing data from the firm.
The funding demonstrates the growing interest in the project, which plays an important role in the development of Ordinal Finance (OrdFi). The Sora TTP fund will reportedly be led by the UTXO Management team. It has also been backed by BTSE, Origin Protocol, Waterdrip Capital and SeraFund.
The funds raised will be used to create projects within the Tap Protocol. In December 2023, the protocol raised $4.2 million in investment from Cypher Capital, Rw3, Oak Grove Capital, Perock Capital and other funds.
According to a Tap Protocol spokesperson, the platform is designed to build applications based on Ordinals. It is expected that developers will be able to use it to tokenize assets and develop various projects in the bitcoin network.
According to the submission, Tap Protocol plays an important role in finding and tracking “tokens” for OrdFi applications. Recently, the Trac Systems team behind the protocol unveiled a new tool called Trac Core. It aims to simplify the indexing of data on the bitcoin network.
“This is the first fund in a series of Sora Ventures products supporting the Ordinals ecosystem. Many people are optimistic about Tap Protocol. This is a great opportunity for investors to get involved and gain access to the ecosystem,” said Sora Ventures Managing Partner Jason Fung.
As a reminder, in December 2023, one of the tokens based on the Ordinals protocol sold for $450,000. Also we reported on the integration of the bitcoin network and “inscriptions” in the Phantom wallet.
