Bitcoin Ordinals wallet Oyl has raised $3 million in pre-seed funding with backing from investors, including crypto entrepreneur Arthur Hayes and pseudonymous BRC-20 token standard creator Domo.

The round was led by Arca, a venture firm primarily focused on Ethereum non-fungible tokens (NFTs), according to an emailed announcement on Thursday.

Multiple other Ethereum NFT funds were also among the backers, marking their first investment in a Bitcoin-focused company. These investors included Kanosei and FlamingoDAO.

Oyl is set to roll out in the coming weeks and will be the first platform to offer "in-wallet" trading of Ordinals.

The Ordinals Protocol allows users to mint tokens that can be traded on the Bitcoin network by embedding data into small Bitcoin-based transactions. Ordinals has brought an equivalent of NFTs and other decentralized finance (DeFi) functions to the Bitcoin ecosystem.

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