Ordinals Project Taproot Wizards Secures $7.5M Led by Standard Crypto

The company wants to bring back the culture of building on Bitcoin and challenge current market leaders Ethereum and Solana.
Image source: taprootwizards.com

Quick take:

  • Taproot Wizards has raised $7.5 million in a round led by Standard Crypto.
  • The fundraising also attracted participation from Geometry, Collider Ventures, StarkWare, UTXO Management, Bitcoin Frontier Fund, Masterkey and Newman Capital.
  • Taproot wants to “bring back magic to Bitcoin” by promoting the culture of building on the blockchain.

Taproot Wizards has announced a $7.5 million funding round led by Standard Crypto. The Ordinals development project wants to bring back the culture of building on Bitcoin as part of a campaign to put the Bitcoin blockchain on the same level as the likes of Ethereum and Solana, Taproot Wizards co-founders Udi Wertheimer and Eric Wall told TechCrunch on Thursday.

Bitcoin ushered in the world of Crypto in the late 2000s but has failed to remain on the same footing as Ethereum when it comes to attracting developers. The pioneer blockchain earlier in 2023 saw interest rise following the launch of Ordinals, a scalable protocol that allows creators to inscribe digital collectibles and artwork as non-fungible tokens (NFTs)

Although the ordinals buzz has cooled off a bit compared to the heights it hit between January and March, the Taproot Wizards co-founder encouraging developers to build on Bitcoin could reignite the memories of what Bitcoin was about a decade ago.

“We’ve been in Bitcoin for over a decade. We have these memories of how Bitcoin was. It was very experimental, but it changed,” Wertheimer said. “We want to bring back the culture of building on Bitcoin and make it magical again.”

According to the announcement, Taproot Wizards will use the money to rebuild “Wizard Village,” a community of creators on the Bitcoin blockchain. “We want to enable or introduce a new way of being a Bitcoiner,” Wall said.

Wertheimer and Wall believe that time is of the essence to bring back innovation to Bitcoin. “[It is] the reason we went for a larger round,” said Wertheimer. “We care a lot about Ordinals and Taproot Wizards, but our mission is bigger than that; we want to bring innovation back to Bitcoin.”

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