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 backing 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, which was created in March 2023 to facilitate the creation and transfer of fungible tokens on Bitcoin through the Ordinals Protocol.
“Today’s news is an important milestone in the BRC20.com journey as we announce 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 to discover and engage with BRC,” the company said in a statement to Bitcoin Magazine. -20 other Bitcoin-based tokens and assets.
The protocol has been criticized by some in the Bitcoin development community for its inefficient use of the Bitcoin protocol, as well as how the protocol has contributed to increasing Bitcoin's UTXO block size, a crucial measure of Bitcoin's scalability and decentralization.
However, the investment is notable given the recent increase in the market cap of Bitcoin tokens including SATS and ORDI, which have risen to over $1 billion each and are listed on exchanges such as Binance and OKX.
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 integrate, trade, and stake BRC-20 tokens with their phones. The company also plans to launch a decentralized relay network for new DeFi protocols powered by the .COM token.
Bitcoin Magazine is wholly owned by BTC Inc., which operates UTXO Management, a dedicated regulated capital firm focused on the digital asset industry. UTXO invests in a variety of Bitcoin businesses, and maintains significant holdings in the digital asset. Bitcoin Magazine does not support any tokens on Bitcoin, including but not limited to BRC-20 tokens.
