Taproot Wizards Raises $30 Million to Develop OP_CAT Bitcoin Ecosystem
Taproot Wizards has secured $30 million to develop applications using the OP_CAT Bitcoin improvement proposal (BIP).
Key points include:
- OP_CAT was originally part of Bitcoin's code but removed by Satoshi Nakamoto due to security concerns.
- The proposal aims to introduce Ethereum-like smart contract features to Bitcoin with "covenants" that govern transaction functionality.
- Taproot Wizards previously sold 3,000 NFTs called "Quantum Cats" to support OP_CAT.
- Udi Werthimer, co-founder, claims OP_CAT is essential for achieving permissionless programmability on Bitcoin, facilitating lending, trading, and smart contracts while maintaining self-custody.
- The funding round was led by Standard Crypto.