Bitcoin Startup Oyl Secures $3 Million in Funding to Enhance Ordinals Trading

The funding round, led by venture capital firm Arca, aims to simplify trading of Bitcoin-based digital assets through the Oyl wallet.

Oyl, a Bitcoin startup, has raised $3 million in pre-seed funding to enhance its browser-based wallet for in-wallet swaps of Bitcoin Ordinals inscriptions.
The funding round was led by venture capital firm Arca, with notable investors including Arthur Hayes, former CEO of BitMEX, and Domo, the pseudonymous creator of the BRC-20 token standard.
Oyl aims to simplify the trading and management of Bitcoin-based digital assets, including Ordinals and BRC-20 tokens, through its unique in-wallet trading tools.
The Oyl wallet is designed to support the burgeoning Bitcoin DeFi ecosystem by providing access to the newest trading tools and facilitating direct in-wallet trading.
Arthur Hayes and other investors see significant potential in Bitcoin DeFi, with Oyl poised to become a leading platform in this emerging space.