Bitcoin's Taproot Wizards Raises $30M to Boost Smart Contract Capabilities
1min read Bitcoin Ordinals project Taproot Wizards has raised $30 million in a funding round led by Standard Crypto, aiming to further develop the OP_CAT ecosystem and enhance Bitcoin's smart contract capabilities.
The project, named after the "Bitcoin Wizard" meme and the Taproot upgrade, previously secured $7.5 million. Early supporter Standard Crypto heads the funding round, with additional contributions from Cyberfund, Collider Ventures, and other participants.
Co-founders Udi Wertheimer and Eric Wall, who established Taproot Wizards in 2023, intend to use the new capital to advance the OP_CAT ecosystem. OP_CAT, or OPcode Concatenate, is a scripting feature that facilitates automated, customizable Bitcoin transactions. Though initially enabled by Bitcoin's creator, Satoshi Nakamoto, it was disabled due to underuse but has seen renewed interest for applications similar to those on Ethereum and Solana.
Wertheimer expressed optimism about OP_CAT's potential, predicting the emergence of new protocols at a pace reminiscent of Ethereum's and Solana's early days. The Ordinals protocol, introduced by Casey Rodarmor, has spurred a wave of Bitcoin-based activity, challenging the perception of Bitcoin solely as "digital gold."
Taproot Wizards has quickly become one of the most prominent Bitcoin projects. In February 2023, it made headlines by minting Wizard #0001, resulting in a record 4MB Bitcoin block and transaction. Its Quantum (NASDAQ:QMCO) Cats collection currently boasts the highest market cap among Bitcoin NFT projects. The team also organizes global events through its "Wizard School" initiative.
