Ordinox raises $1 Million in its pre-seed round

Ordinox is excited to announce a $1 Million pre-seed raise to build Automated Market Makers (AMMs) tailored specifically for BRC20s and Runes.

We are thrilled to announce that Ordinox has secured $1 Million in a pre-seed round, led by DACM with participation from CMS Holdings, UTXO Management, Plassa Capital, Outlier Ventures, Sats Ventures, STS Digital, Hidden Street Capital and angel investors:

• Tycho Onnasch (Zest Protocol)
• Domo (Layer 1 Foundation)
• Nicolas Pinto (Cygni Labs)
• FarmerJoe (BTC Angel)
• Karim Halabi (NGMI Labs)

As a Cosmos-based Automated Market Maker (AMM), we empower users to trade BRC20s and Runes in a non-custodial manner, while also facilitating cross-chain swaps to bolster liquidity.

The funding announcement comes alongside Ordinox testnet launch. The funding will be used to hire key developers, support the project through mainnet and support ongoing audits with Halborn and Hacken to maintain top-tier security and reliability.

A word from Tycho Onnasch, Co-founder Zest Protocol

“There’s a serious gap in the Bitcoin cross-chain liquidity and Ordinox is the team to bridge it. They are building critical infrastructure that will unlock liquidity to flow seamlessly from EVM based chains onto DeFi on Bitcoin. I am very excited about the progress I’ve seen from Ashwin and the rest of the Ordinox team as they build out the infra stack for a cross-chain gateway for the degens from mature ecosystems like Ethereum and Solana to tap into Bitcoin’s DeFi landscape”

Alongside our investors we would like to thank the Bitcoin community for supporting us and guiding on the path to testnet. Spending time at Bitcoin Conference and Ordinals Asia, talking to real builders and founders has helped us enormously in navigating our product strategy and roadmap.

Ordinox

Ordinox is a cosmos-based app chain building Automated Market Makers (AMMs) tailored specifically for BRC20s and Runes. What sets us apart? We offer a fully non-custodial platform with the proven security model inspired by Thorchain. Our innovative approach allows for seamless cross-chain pools, enabling users to participate in liquidity pools such as USDT <> BRC20 and USDT <> Runes without the hassle of wrapping or bridging assets. With 5-second finality, trading against these pools is swift and efficient, ensuring a seamless user experience.

We believe Runes are here to stay, with users having spent 2,264 BTC ($154 Million USD) thus far on minting Runes. Transaction share of Runes have fluctuated between 11–81% with a bunch of new users hopping on board (we’re talking daily sign-ups ranging from 50k to 192k!) since the halving. While it’s still early days, we believe that providing Runes users further improvements across the ecosystem is extremely opportunistic given the undeniable momentum we have seen thus far.

A word from Guillaume, Venture Associate @UTXOManagement

We are confident that 2024 will be the year that bitcoin the asset will add another weapon to its arsenal of bullish narratives because its utility is going to increase as a function of the Bitcoin network realizing its full potential by becoming “the apex predator of economic settlement”. A gigantic wave of brainpower and liquidity is coming back to Bitcoin and we are prepared to ride it.

What’s coming next

We are live on testnet and support mainnet assets on Bitcoin and EVMs with plans of supporting Solana in the near future.

One of the experience which we are keen on replicating includes bringing a pump.fun like experience over onto Bitcoin with BRC20 & Runes, allowing meme coins to actualize their true potential — Users can etch a new rune, get seeded initial liquidity and let people trade with high frequency and very low fees.

Finally, Ashwin & the team are also working on various LP incentivization mechanisms such a ve(3,3), to attract deep and stable liquidity across the blue chip and meme tokens listed on Ordinox.