"Bitcoin's Taproot Wizards Raises $30M to Revive OP_CAT, Boost Smart Contracts"

Bitcoin startup Taproot Wizards has secured $30 million in a funding round led by Standard Crypto, aiming to expand the OP_CAT ecosystem and enhance Bitcoin's smart contract capabilities. The project, which previously raised $7.5 million, is co-founded by Udi Wertheimer and Eric Wall, who established Taproot Wizards in 2023.

The funding round saw participation from various investors, including Cyberfund and Collider Ventures, in addition to Standard Crypto. The new capital will be used to advance the OP_CAT ecosystem, a scripting feature that enables automated, customizable Bitcoin transactions. OP_CAT was initially enabled by Bitcoin's creator, Satoshi Nakamoto, but was later disabled due to underuse. However, it 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 sparked a wave of Bitcoin-based activity, challenging the perception of Bitcoin as solely "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.