Ordinals-based Tap Protocol raises $4.2 million to develop on Bitcoin

German-based company Trac Systems, parent company of Tap Protocol, has announced a $4.2 million fundraising round, led by Sora Ventures, aimed at developing Bitcoin BTC -1.34% 's capabilities as a developer platform through the Ordinals system. 

“Now that the fundraise has successfully closed, Trac Systems is well-positioned to develop on top of Bitcoin and utilize it as a platform for tokenization, gamification, and DeFi," said Benny the Dev, CEO of Trac Systems.

The company's statement highlighted several applications already made possible on Ordinals through Tap Protocol, including fractionalization of Ordinals art and token functions for gaming applications. 

Tap Protocol is one of many companies competing in the Bitcoin Ordinals space as enthusiasm over inscriptions spreads to a number of blockchains, some of which have struggled to meet the demand.