"Bitcoin's Taproot Wizards Raises $30M to Boost Smart Contract Capabilities"
1min read Bitcoin Ordinals project Taproot Wizards has secured $30 million in funding to enhance the smart contract capabilities of the Bitcoin network. The funding round was led by Standard Crypto, with additional contributions from Cyberfund, Collider Ventures, and other participants. The project aims to further develop the OP_CAT ecosystem, which is a scripting feature that facilitates automated, customizable Bitcoin transactions.
The project is named after the "Bitcoin Wizard" meme and the Taproot upgrade, which has broadened Bitcoin's functionality. Co-founders Udi Wertheimer and Eric Wall established Taproot Wizards in 2023 with the goal of advancing the OP_CAT ecosystem. 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.
