The Bitcoin Frontier Fund, led by Stacks Advisor and host of the Ordinals Show, Trevor Owens, has introduced its first-ever accelerator program focused on Ordinals. Emerging businesses that become part of this accelerator are positioned to secure an initial investment of $100,000.
Formerly known as “Stacks Ventures,” the fund originally centered around advancing Stacks ecosystem initiatives and supporting various layer-2 Bitcoin solutions. However, with the introduction of the Ordinals protocol by Casey Rodarmor, a noticeable change in direction has occurred. The Bitcoin Frontier Fund has now redirected its attention towards prioritizing Ordinals and protocols situated “close to the base layer” of the blockchain.
Until now, the Bitcoin Frontier Fund has successfully amassed a substantial sum of $6.95 million, intended to provide support to startups centered around Bitcoin. This fund, endorsed by prominent investors such as Muneeb Ali and the Stacks Foundation, is progressively broadening its scope to include infrastructure companies focused on Ordinals. Leading the charge in this expansion are Gamma, Xverse, and Liquidium.
“With Ordinals, the dream of working intimately with native Bitcoin is becoming a reality,” Owens said. “Casey Rodarmor’s innovation has truly revolutionized the field.” The Ordinals protocol introduces an enhanced method for representing Satoshis, Bitcoin’s smallest unit. It enables effortless monitoring of arbitrary data attached to transactions involving these “ordinal” Satoshis. This innovation is praised for introducing functionalities reminiscent of NFTs on the Bitcoin network and is under evaluation for its capacity to establish novel token standards on the Bitcoin infrastructure.
In a notable twist, despite a significant drop of up to 90% in certain sectors of the broader NFT market, investments dedicated to Ordinals infrastructure are experiencing a continuous upswing. A clear indication of this pattern is the recent remarkable announcement from Xverse about securing a substantial $5 million in funding, led by Jump Capital and supported by Franklin Templeton of the Bitcoin Magazine Fund. The Bitcoin Frontier Fund is on track to finalize its upcoming series of investments in projects related to Ordinals by the fourth quarter of 2023.