Token

Bitcoin

Sora

Million

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin Ordinals explorer Ord.io has received $2 million in pre-seed funding for its Runes protocol expansion.</li>
 <li>The funds will also be used to hire more developers and enhance existing features.</li>
</ul>
<p>Ord.io, an explorer for Bitcoin Ordinals, has successfully closed a $2 million pre-seed funding round.</p>
<p>The round was co-led by Bitcoin Frontier Fund and Sora Ventures, with participation from several other funds and angel investors.</p>
<p>The details of the round’s valuation and structure were not disclosed by Ord.io.</p>
<h2 id="utilizing-the-funds">Utilizing the Funds</h2>
<p>Ord.io’s platform allows users to search, browse, and interact with Ordinals inscriptions on the <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> blockchain.</p>
<p>The new funding will be used to expand support for the upcoming Runes protocol, a new fungible token standard for Bitcoin set to launch at the halving.</p>
<p>The company also plans to expand its team by hiring more developers.</p>
<h2 id="the-ordinals-protocol">The Ordinals Protocol</h2>
<p>The Bitcoin Ordinals protocol, launched by Casey Rodarmor in January 2023, provides a method for storing and trading digital content on Bitcoin.</p>
<p>Using satoshis, the smallest units of bitcoin, users can engrave NFTs, BRC-20s, and other arbitrary data directly onto the Bitcoin blockchain, creating unique tradeable assets.</p>
<p>Ord.io has spearheaded several initiatives in the Ordinals ecosystem since its launch in March 2023.</p>
<h2 id="runes-a-new-fungible-token-standard">Runes: A New Fungible Token Standard</h2>
<p>Runes, also developed by Rodarmor, is a new fungible token standard for Bitcoin, set to launch at the halving.</p>
<p>Franklin Templeton, an investment firm, stated that Runes has the potential to help Bitcoin fungible tokens compete against the Ethereum and Solana ecosystems.</p>
<p>Runes provides a more efficient solution than the UTXO bloat caused by the existing BRC-20 minting process and is compatible with Bitcoin’s Layer 2 Lightning Network.</p>
<h2 id="the-upcoming-bitcoin-halving">The Upcoming Bitcoin Halving</h2>
<p>The next Bitcoin halving event is now less than three days away.</p>
<p>This event, which occurs approximately every four years, will see the subsidy reward for miners on the network drop from 6.25 BTC to 3.125 BTC per block.</p>
<p>However, miners will continue to earn additional transaction fee rewards for each block mined as usual.</p>

Crypto Company Ord.io Bags $2 Million Pre-Seed Funding for Bitcoin Ordinals and Runes Expansion

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