Ordinals wallet Oyl completes US$3 million in financing! BitMEX founder Arthur Hayes participates in investment

According to The Block, Bitcoin wallet service provider Ordinals’ Oyl wallet has successfully completed a $3 million preseed round of financing. The round was led by venture capital firm Arca, with participation from BitMEX co-founder Arthur Hayes and Domo, the creator of the BRC-20 architecture. These funds will be used to further develop and improve the Oyl wallet to provide more features and enhance user experience. Arca’s investment demonstrates their confidence in Ordinals’ development prospects and team, while Hayes and Domo’s participation adds more support and attention to the project. The development of Oyl wallet in the Bitcoin field has attracted much attention, and this financing will also accelerate its promotion in the market

What is Oyl?

As the infrastructure of the Bitcoin ecosystem, Oyl aims to provide a trading platform focused on the Ordinals ecosystem.

Among them, the main services include providing wallets with the function of "trading Bitcoin, Ordinals and BRC-20 tokens in the wallet", a market aggregator for BRC-20 tokens, and cooperation with the DeFi platform OmniSat on the BTC chain. Integration: Oyl’s goal is to provide Bitcoin users with a more convenient, secure and efficient trading experience and promote the development of the Bitcoin ecosystem.

It is said that the official wallet Oyl Wallet is expected to be launched in the next few weeks.

Oyl received $3 million in financing

Tagga, the co-founder of Bitcoin trading application Oyl, issued multiple press releases yesterday, announcing that the company has successfully completed a round of financing led by venture capital firm Arca. Pre-Seed round of financing of US$3 million invested.

BitMEX co-founder Arthur Hayes and BRC-20 token creator Domo also participated in this round of financing, and there are other well-known institutions on the list, such as Ethereum NFT funds such as Kanosei and Flamingo DAO. This investment represents their first investment in a Bitcoin-related team, showing the market’s confidence and future potential in the cryptocurrency industry.

In addition, Hayes also expressed his support through a statement: The funds that have been focusing on other chains in the past have finally discovered the potential related to Ordinals on Bitcoin.

And added, "The infrastructure winner in Bitcoin DeFi is still to be determined, and this (Oyl) is a huge opportunity."

Two weeks ago, Hayes also passed the family office Malestrom, who has heavily invested in stablecoin issuer Ethena, has twice led investments that have brought the company up to $20 million in funding.

One of the narratives told by Arthur Hayes?

In the past few months, transaction volume on the Bitcoin chain has surged, which has been blamed on Ordinals’ resurgence in popularity.

Previously, Arthur Hayes once explained the importance of narrative in the encryption market through a long article "Chief Story Officer", which is usually the main reason for the rise in currency prices: the story behind the token or project is often more important than the technology. Important because it is generally difficult for the public to evaluate the quality of technology, but it is easy to understand the quality of stories.

Perhaps this may be one of the next stories Hayes will tell.

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