Tap Protocol secures $4.2 million in funding led by Sora Ventures to bolster its presence in the Bitcoin ecosystem. Trac Systems, the German company behind Tap Protocol, is poised for significant growth with contributions from various venture capital firms and angel investors.
Venture capital firms such as Cypher Capital, Rw3, Oak Grove Capital, Petrock Capital, Kosmos Ventures, New Tribe Capital, Cogitent Ventures, Compute Ventures, and MSA Novo, along with angel investors from Animoca Brands and Quantstamp executives, participated in the funding round.
Jason Fang, Founder of Sora Ventures, emphasizes Tap Protocol’s role in driving Bitcoin adoption and community development.
“Tap Protocol is a key developer community within the Bitcoin ecosystem. We are excited to support their efforts in advancing Bitcoin adoption.”
Post-funding, Trac Systems aims to expand operations by recruiting skilled developers to enhance the Bitcoin Ordinals-based protocol. Tap Protocol’s versatility in facilitating various functionalities, including art fractionalization and decentralized finance applications, underscores its importance in the Bitcoin network.
Benny the Dev, CEO of Trac Systems, expresses enthusiasm for the fundraising success, highlighting the company’s commitment to innovation within the Bitcoin platform using Trac Core and TAP Protocol.
TAP Protocol and OrdFi
The TAP Protocol streamlines OrdFi applications without complex Layer 2 chains, utilizing the TAP token standard for enhanced accessibility. The protocol’s “tapping” mechanism simplifies transaction verification within the network.
“Trac’s decentralized API empowers developers to innovate in the Ordinals space, enhancing the protocol’s functionality.”
Being based on BRC-20 principles, TAP differentiates itself by fostering community-led improvements and feature integrations. The protocol ensures future compatibility with BRC-20 tokens by reserving specific ticker lengths for seamless connectivity.
Externally, TAP mirrors BRC-20 for effortless integration with existing platforms, while internally offering unique features like token staking and swaps controlled by the community through $TRAC tokens.
Capable of mass transfers, simplified trading, and third-party token issuance, TAP Protocol paves the way for a diverse and inclusive future in Bitcoin-based operations and emerging dApps.
Disclaimer: Sora Ventures is an investor in CryptoSlate.
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**Meta Description**: Tap Protocol secures $4.2 million in funding led by Sora Ventures to bolster its role in the Bitcoin ecosystem. Discover how Tap Protocol is driving advancement in community development and Bitcoin adoption.
**Focus Keyword H1**: Enhancing Bitcoin Ecosystem with Tap Protocol Funding
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Tap Protocol Funding and Growth
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