According to CoinDesk, Bitcoin Ordinals wallet Oyl has raised $3 million in pre-seed funding from investors, including crypto entrepreneur Arthur Hayes and pseudonymous BRC-20 token standard creator Domo. The funding round was led by Arca, a venture firm primarily focused on Ethereum non-fungible tokens (NFTs). Other Ethereum NFT funds, such as Kanosei and FlamingoDAO, also participated in the investment, marking their first involvement in a Bitcoin-focused company.

Oyl is set to launch in the coming weeks and will be the first platform to offer in-wallet trading of Ordinals. The Ordinals Protocol enables users to mint tokens that can be traded on the Bitcoin network by embedding data into small Bitcoin-based transactions. This development has brought an equivalent of NFTs and other decentralized finance (DeFi) functions to the Bitcoin ecosystem.