Newly launched Bitcoin token platform BRC20.com has raised $1.5 million in funding led by UTXO Management, the asset management arm of BTC Inc., the parent company of Bitcoin Magazine.
The round included support from Zanshin Capital Management, Unbroken Chain, One Block Capital, Sora Ventures, OWL Ventures, Bitcoin Frontier Fund, Hamble, and New Tribe Capital.
The investment comes at a time of growing interest in the BRC-20 token standard, created in March 2023 to facilitate the creation and transfer of fungible tokens on Bitcoin via the Ordinals protocol.
“Today’s news announces BRC20 some of the most active and strategic investors across the Bitcoin and Web3 ecosystems joining our mission to build the most user-friendly and comprehensive platform for discovering and interacting with BRC. “This is an important milestone in the .com journey – 20 tokens and other Bitcoin-based assets,” the company said in a statement sent to Bitcoin Magazine.
The protocol has been criticized by the Bitcoin development community for inefficient use of the Bitcoin protocol and how the protocol has contributed to increasing the size of the Bitcoin UTXO set, an important indicator of Bitcoin’s scalability and decentralization. It received criticism from some.
However, considering the recent increase in the market capitalization of Bitcoin tokens such as SATS and ORDI, which have been listed on exchanges such as Binance and OKX and are each worth more than $1 billion, this investment is noteworthy.
BRC20.com is best known for providing a CoinMarketCap-style dashboard for Bitcoin tokens, but it plans to launch a mobile app that will allow users to connect, trade and stake BRC-20 tokens from their phones. The company also plans to launch a decentralized relay network for new DeFi protocols based on the .COM token.
Bitcoin Magazine is wholly owned by BTC Inc., which also operates UTXO Management, a regulated capital allocator focused on the digital asset industry. UTXO invests in various Bitcoin businesses and holds significant holdings in the digital asset. Bitcoin Magazine does not endorse any token of Bitcoin, including but not limited to BRC-20 tokens.