Tap Protocol (TRAC), with the aim of increasing its role in the Bitcoin ecosystem, completed a $4.2 million investment round led by Sora Ventures. The investment round saw the participation of numerous venture capital firms and angel investors, providing significant support for the growth of the German company Trac Systems. The investment news caused TRAC’s price to rise by double-digit percentages.
In addition to leading venture capital firms, the investment round was supported by angel investors including executives from Animoca Brands and Quantstamp, highlighting Tap Protocol’s significant role in the Bitcoin community. Jason Fang, the Founder and Managing Partner of Sora Ventures, stated that Tap Protocol plays a vital role in adoption within the Bitcoin community, especially.
Following the investment round, Trac Systems plans to hire talented developers to develop a protocol based on Bitcoin Ordinals. Tap Protocol, by offering various features such as fragmenting Ordinals and enabling decentralized finance (DeFi) applications on Ordinals, has become a significant player in the Bitcoin network.
TAP Protocol aims to facilitate finding and tracking Ordinals without the need for complex Layer 2 chains and to simplify OrdFi applications. This protocol, introducing the TAP token standard, stands out for its simplicity and accessibility.
Following the investment news, the price of TRAC rose by double-digit percentages. The price of the BRC-20 token increased by 12.78% in the last 24 hours, reaching $6.88. The price of the altcoin has increased by 71.35% over the past seven days and 84.53% over the past month.