Bitcoin trading app Oyl secures $3 million in pre-seed funding

Bitcoin trading app Oyl has raised $3 million in a pre-seed funding round backed by various top investment funds.

According to an announcement the platform shared, digital asset investment firm Arca led the round. Oyl also attracted the participation of Arthur Hayes' family office fund Maelstrom, crypto research and investment powerhouse ForeSight Ventures and BRC-20 token standard creator Domo.

Oyl eyes the Ordinals and BRC-20 market

The round also received backing from UTXO Management, Web.com Ventures, Antalpha Ventures, Web3-native investment manager Borderless and crypto market maker Pulsar. Others are Kanosei Ventures, FlamingoDAO and Mask Network.

Details on the Oyl website outline a platform that’s “building tools for a trustless economy on Bitcoin.”

The first product is the Oyl Wallet, which will allow users to trade Ordinals, BRC-20 tokens and Bitcoin native assets.

Arthur Hayes, commenting on the financing, said Oyl has a big opportunity to be one of the winners in the “Bitcoin DeFi” ecosystem. According to him, investors have historically shown greater interest in other blockchain ecosystems, but Ordinals are changing this.

In recent months, transactions volumes on the Bitcoin network have surged to new highs amid a spike in Ordinals. The BRC-20 market is also growing. Multiple projects are looking to tap into the nascent landscape, with NFT sales volume rising.