Taproot Wizards Secures $7.5 Million in Funding for bitcoin Innovation

Taproot Wizards, a project under bitcoin Ordinals, has successfully raised $7.5 million in funding to bring together a team of skilled developers dedicated to advancing the capabilities of bitcoin. The investment round was led by Standard Crypto, with Geometry, Collider Ventures, StarkWare, UTXO Management, bitcoin Frontier Fund, Masterkey, and Newman Capital participating in the funding.

“We went for a larger seed round of $7.5 million because we feel time is of the essence,” said Udi Wertheimer, co-founder of Taproot Wizards. “We’ve been bullish on bitcoin for a decade but we genuinely believe that the best time to build in bitcoin is now.”

Advancing bitcoin‘s Potential Through Development

Taproot Wizards’ primary objective is to bring together a strong team of developers to further build tools and applications that maximize the potential of the open-source bitcoin protocol. The project focuses on utilizing the Taproot upgrade to enhance bitcoin‘s privacy, security, and efficiency.

“We’re focusing on adopting the best breakthroughs in broader crypto research to advance bitcoin and ordinals, for example the open-source rollup work we’ve shared a couple of months ago, and will use this funding to build a team of top-notch bitcoin builders,” Wertheimer continued.

The project aims to foster an ecosystem where developers collaborate to create solutions that harness the power of bitcoin, driving innovation, scalability, and security infrastructure within the bitcoin network.

Pioneering Novel Applications and Infrastructure

“Not only do we find bitcoin NFTs very compelling as assets; we also believe the Ordinals movement has a chance to reignite bitcoin innovation much more broadly — which we think is needed for bitcoin to achieve its full potential,” said Alok Vasudev, co-founder of Standard Crypto.

See also  Bitcoin Plunges to $30k with $245 Million in Liquidations

As the bitcoin industry continues to evolve, Taproot Wizards aims to encourage builders to explore new possibilities within the realm of bitcoin, leveraging the Taproot upgrade as a cornerstone for innovation and development.

Disclaimer: UTXO Management’s parent company, BTC Inc., is also the parent company of bitcoin Magazine.

### News source: bitcoinmagazine.com

By Team