Taproot Wizards Raise $7.5 Million to Advance Ordinals, L2s, Zk-Snarks on Bitcoin

Taproot Wizards, a Bitcoin Ordinals project focused on advancing Bitcoin's capabilities, has secured $7.5 million in funding to assemble a team of top tier developers to build on 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 raise as well.

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

Taproot Wizards aims to assemble a solid team of developers to further develop tools and applications that leverage the full potential of the open source protocol. The project's mission revolves around maximizing the potential of Taproot, an upgrade designed 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.

Taproot Wizards' focus lies in fostering an ecosystem where developers can collaborate and create solutions that harness the power of Bitcoin. The project aims to pioneer novel applications, improve scalability, and fortify Bitcoin's security 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. "While stewardship of an important NFT collection and its community can be quite valuable on its own, we think Taproot Wizards has an even bigger opportunity to leverage its brand as a distribution channel for new Bitcoin infrastructure."

As the Bitcoin industry continues to evolve, Taproot Wizards strives to encourage builders to push the boundaries in unlocking 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.