Taproot Wizards has raised $30 million in a new funding round, aiming to expand the OP_CAT ecosystem and enhance Bitcoin's functionality.
Taproot Wizards Funding and Goals
Taproot Wizards announced raising $30 million in its first post-seed funding round led by Standard Crypto. The funding is directed towards advancing the project's mission of 'making Bitcoin magical again,' as stated by co-founders Udi Wertheimer and Eric Wall, focusing on OP_CAT development.
Development of the OP_CAT Ecosystem
OP_CAT or OPcode Concatenate is a scripting capability that facilitates automated, customizable Bitcoin transactions. Udi Wertheimer mentions that it allows creating new protocols on Bitcoin, enhancing its functionality similarly to Ethereum and Solana platforms.
Impact of Taproot Wizards on Bitcoin Ecosystem
With the introduction of the Ordinals protocol by Taproot Wizards, Bitcoin emerged as a transaction asset. Despite skepticism from some users, the project continues promoting the use of Bitcoin for tokens and NFTs. In 2023, the creation of Taproot Wizard #0001 led to the formation of the largest block and transaction in Bitcoin's network at that time.
The new funding empowers Taproot Wizards to continue enhancing Bitcoin's capabilities, making it more adaptable for developing new protocols and strengthening the cryptocurrency ecosystem.
