Ord.io Secures $2M Pre-Seed Funding to Elevate Bitcoin Ordinals Exploration

Ordinals explorer Ord.io has raised $2 million in pre-seed funding to expand its team and enhance its platform ahead of the Runes protocol launch. The funding round was led by Bitcoin Frontier Fund and Sora Ventures, with participation from other notable investors, showcasing the growing interest in Bitcoin-based collectibles and fungible tokens. Ord.io's platform allows users to discover, upvote, and comment on Ordinal inscriptions, fostering a vibrant community around this emerging aspect of the Bitcoin ecosystem.

Ord.io Secures $2 Million Pre-Seed Funding to Bolster Bitcoin Ordinals Explorer

New York, NY – August 17, 2023 – Ord.io, the leading Bitcoin Ordinals explorer, has announced a successful pre-seed funding round of $2 million, bolstering its resources to scale its platform and expand its team. The funding will be utilized to hire additional developers and accelerate the development of new features and integrations.

Bitcoin Frontier Fund and Sora Ventures Lead the Investment

This pre-seed round was led by Bitcoin Frontier Fund and Sora Ventures, with participation from a consortium of notable investors, including Eden Block, Arca, Longhash Ventures, Daxos Capital, Portal Ventures, UTXO Management, Rubik Ventures, VitalTao Capital, Antalpha Ventures, Kommune Fund, Edessa Capital, PetRock Capital, PG Capital, Shake and Bake Productions, Re7 Capital, and Balaji Fund. This diverse group of investors signifies the growing interest and support for the Ordinals ecosystem within the crypto industry.

Empowering Innovation in the Bitcoin Ecosystem

Launched in March 2023 by software developer Zach Meyer and pseudonymous NFT historian Leonidas, Ord.io provides a comprehensive platform for discovering, upvoting, and commenting on Ordinal inscriptions on the Bitcoin blockchain. The platform has quickly gained traction within the Ordinals community, becoming a central hub for collectors and enthusiasts alike.

"I'm incredibly excited about the wave of innovation and exploration emerging on Bitcoin," said Meyer. "Products and technologies that were previously constrained to various alt-chains are being reimagined and built on Bitcoin."

Meyer emphasized the shift in developer focus from alt-chains like Ethereum and Solana back to Bitcoin, highlighting the platform's potential as a driver of innovation within the broader crypto ecosystem.

Unveiling the Treasures of Ordinal Inscriptions

Ord.io's user-friendly interface enables collectors to sort their searches based on a range of metrics, including the inscription number, "cursed" or "normal" status, and specific attributes known as "Satributes." For instance, inscriptions labeled "pizza" contain a Sat used to purchase two Papa John's pizzas by Laszlo Hanyecz in the iconic "Bitcoin pizza" incident of 2010.

Since the launch of the Ordinals protocol in January 2023, over 65 million inscriptions have been created on the Bitcoin blockchain, according to data from Dune. This surge in activity has prompted the development of new tools and platforms, such as Ord.io, to help users navigate the growing ecosystem of Bitcoin-based NFTs.

Paving the Way for Runes Protocol Integration

In September 2023, Ordinals creator Casey Rodarmor unveiled plans for the Runes protocol, a new solution for minting fungible tokens on the Bitcoin blockchain. Runes aims to address the challenges faced by Ordinals inscriptions, particularly regarding wasted block space.

The Runes protocol is anticipated to debut alongside the Bitcoin halving, which is currently projected to occur on Saturday, August 19th. It is expected to offer a more efficient method for minting fungible tokens on Bitcoin compared to last year's Ordinals-based BRC-20 standard, which emerged as an experimental solution.

Ord.io's Role in the Runes Era

Ord.io co-founder Leonidas expressed the platform's optimism regarding the upcoming launch of the Runes protocol, stating that "we believe that minting Runes will be a very popular activity on the Bitcoin network over the coming year."

He emphasized the platform's focus on enhancing the user experience, particularly during the early stages of the Runes rollout. Leonidas believes that Runes has the potential to become the dominant fungible token protocol on Bitcoin, and Ord.io is committed to providing the best possible platform for its users.

"When a feature feels done, you have to go back and force yourself to try to find at least one way to make it better," said Leonidas. "If you do that enough times, you can create something very special."

Building on Bitcoin, for Bitcoin

Despite the uncertain future of the Runes protocol, Leonidas affirmed Ord.io's unwavering commitment to the Bitcoin ecosystem.

"When someone comes to Bitcoin wanting to collect JPEGs, trade meme coins, or do DeFi, we want to be the trusted facing platform that they come to," he said. "It is hard to know exactly what the landscape looks like in five years, but one thing is for sure: We will still be building on Bitcoin, and only Bitcoin."

With the injection of fresh capital and the upcoming launch of the Runes protocol, Ord.io is poised to further expand its services and solidify its position as the premier destination for Ordinal inscriptions on the Bitcoin blockchain.