Bitcoin’s Taproot Wizards secures $7.5m funding from Standard Crypto

November 16, 2023 at 9:31 pm

Edited by Brian Stone

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Bitcoin’s Taproot Wizards secures $7.5m funding from Standard Crypto

Bitcoin’s Taproot Wizards project received a fresh $7.5 million investment from Standard Crypto to transform the blockchain ecosystem and compete with major players like Ethereum and Solana.

The Taproot Wizards project, known for its Bitcoin Ordinals initiative, has successfully raised $7.5 million in funding, spearheaded by VC firm Standard Crypto. Founded by Udi Wertheimer and Eric Wall, Taproot Wizards draws inspiration from a classic Bitcoin wizard meme that circulated on Reddit over 10 years ago. The project aims to reshape perceptions of the Bitcoin blockchain.

"We’ve always admired their s̶h̶i̶t̶p̶o̶s̶t̶i̶n̶g̶ ̶s̶k̶i̶l̶l̶ marketing instincts but over the past months we’ve developed a deep respect for their technical acumen and ability. The revolution is in capable hands"

thanks for joining us @standardcrypto!https://t.co/U007hnhZIZ
— Udi Wertheimer (@udiWertheimer) November 16, 2023

The investment attracted a diverse group of backers, including Geometry, Collider Ventures, StarkWare, UTXO Management, Bitcoin Frontier Fund, Masterkey and Newman Capital. This influx of capital is earmarked for the development of what the founders term a “wizard village,” symbolizing a commitment to rival leading blockchains such as Ethereum and Solana. Eric Wall emphasized their goal to pioneer a fresh approach to Bitcoin engagement.

Investment Impact and Future Vision

Standard Crypto co-founder Alok Vasudev sees immense potential in Taproot Wizards, and believes it could become similar to the Bored Ape Yacht Club, as revealed in an interview with TechCrunch. Vasudev envisions opportunities beyond brand expansion, including the development of a dynamic infrastructure within the Bitcoin ecosystem. Standard Crypto aims to be an active participant in this evolution, moving beyond merely overseeing an NFT collection.

Taproot Wizards has a unique collection of 2,121 wizards, mirroring the total Bitcoin supply of 21 million. To date, 2106 of these digital creations, representing 99.3% of the total, have been inscribed. However, only 20 of these have been released. The slow release strategy, according to Wertheimer, is deliberate, aiming to sustain long-term interest and attract individuals committed to their mission, rather than fleeting trends.