Summary
TLDR: Oyl, a bitcoin wallet company, secured a $3 million pre-seed investment from various investors, including UTXO Management and Domo. This investment marks a shift in cryptocurrency trends with Ethereum NFT funds investing in a bitcoin-centric business. Oyl, based in Brooklyn, aims to launch a wallet with in-wallet trading of bitcoin and Ordinals. The company is supported by notable investors and aims to support the development of Bitcoin infrastructure.
Key Points
1. Oyl, a pioneering bitcoin wallet company, has secured a $3 million pre-seed investment from investors such as UTXO Management and Domo, the creator of the BRC-20 token standard.
2. The investment marks a notable shift in cryptocurrency investment trends, with Ethereum NFT funds venturing into a bitcoin-centric business. Arca, a venture firm known for investments in Ethereum NFTs, is extending its portfolio into the bitcoin sphere through Ordinals, with other investors including Foresight Ventures, Taproot Wizards CEO Udi Wertheimer, and NFT funds Kanosei and FlamingoDAO.
3. Oyl, based in Brooklyn, NY, is set to launch in the coming weeks as the first bitcoin wallet to offer “in-wallet” trading of bitcoin and Ordinals. The app aims to support market aggregation for BRC-20s and facilitate swap integrations with the bitcoin DeFi protocol Omnisat.io.CEO Alec Taggart expressed a desire to support the surge of development on Bitcoin, highlighting the importance of builder tools and consumer platforms within the ecosystem.