Newly launched bitcoin token platform BRC20.com has raised $1.5 million in funding led by UTXO Management, the asset management arm of bitcoin Magazine parent company btc Inc.
The round included support from Zanshin Capital Management, Unbroken Chain, One Block Capital, Sora Ventures, OWL Ventures, bitcoin Frontier Fund, Hamble, and New Tribe Capital.
The investment comes at a time of increased interest in the BRC-20 token standard, created in March 2023 to facilitate the creation and transfer of fungible tokens in bitcoin through the Ordinals protocol.
“Today's news is an important milestone in BRC20.com's journey, as we announce that some of the most active and strategic investors in the bitcoin and Web3 ecosystems are joining our mission to build the most comprehensive and user-friendly platform to discover and interact with BRC.-20 tokens and other bitcoin-based assets,” the company said in a statement to bitcoin Magazine.
The protocol has been criticized by some members of the bitcoin development community for its inefficient use of the bitcoin protocol, as well as how the protocol has contributed to increasing the size of bitcoin's UTXO pool, a crucial metric for the scalability and decentralization of bitcoin. bitcoin.
However, the investment is notable given the recent rise in market capitalization of bitcoin tokens, including SATS and ORDI, which have reached a value of more than $1 billion each and have been listed on exchanges such as Binance and OKX. .
BRC20.com is best known for providing a CoinMarketCap-style dashboard for bitcoin tokens, but plans to launch a mobile app that would allow users to connect, trade, and stake BRC-20 tokens with their phones. The company also plans to launch a decentralized relay network for new DeFi protocols powered by the .COM token.
bitcoin Magazine is wholly owned by btc Inc., which operates UTXO Management, a regulated capital allocator focused on the digital asset industry. UTXO invests in a variety of bitcoin businesses and maintains significant holdings in digital assets. bitcoin Magazine does not endorse any bitcoin tokens, including but not limited to BRC-20 tokens.