Key Points
- Taproot Wizards has raised $30 million to enhance Bitcoin’s smart contract functionality.
- The funding will be used to develop the OP_CAT ecosystem and the company’s infrastructure.
Taproot Wizards, a Bitcoin Ordinals project, announced that it has secured $30 million in funding. The update was shared by Udi Wertheimer, the project’s co-founder.
The Block initially reported that this is the first funding the project has received since its seed round of $7.5 million. Standard Crypto, an early supporter of Taproot Wizards, led the round. Other venture capital firms, including Cyberfund and Collider Ventures, also participated.
Enhancing Bitcoin’s Smart Contract Functionality
Udi Wertheimer and Eric Wall, both prominent figures in the cryptocurrency industry, founded Taproot Wizards in 2023. The project is named after the Bitcoin Wizard meme and the Taproot upgrade that improved Bitcoin’s functionality.
The company plans to use the new capital to expand the OP_CAT (OPcode Concatenate) ecosystem. This initiative is aimed at improving Bitcoin‘s smart contract functionality.
Wertheimer stated that a significant portion of the funding would be allocated to developing the company’s infrastructure and nurturing talent within and around the company.
It’s worth noting that Satoshi Nakamoto, Bitcoin’s creator, initially introduced the OP_CAT feature. It was later disabled due to a lack of use cases, but with the rise of Ordinals and Bitcoin-based applications, OP_CAT could become a potent tool for innovation.
Taproot Wizards’ Impact in the Bitcoin Community
Taproot Wizards’ progress, particularly within the Bitcoin community, has been recognized. In February 2023, the team minted Taproot Wizard #0001, a historic 4 MB block that was the largest Bitcoin block and transaction at that time. The team also created Quantum Cats, arguably the most successful Bitcoin NFT collection in terms of market cap.
In addition to its influence in the digital assets space, Taproot Wizards has hosted several events worldwide through its “Wizard School”. Despite concerns from some Bitcoin purists about network congestion and transaction fee issues due to the introduction of tokens and NFTs, Taproot Wizards remains dedicated to expanding Bitcoin’s use cases.
