UniSat Wallet Seeks $50M Funding, Attracts Binance Labs Attention

• UniSat Wallet aims to secure funding at a $50 million valuation.
• Investors have already expressed interest, including Binance Labs, which is currently in discussion with UniSat team.
• UniSat Wallet holds 10% to 20% of transaction volume and times in the Bitcoin Ordinals market with around 60,000 users.

In a recent report from Wu Blockchain, UniSat Wallet, the leading Bitcoin Ordinals and brc-20 service provider, has disclosed its intentions to secure funding at an impressive valuation of $50 million. Numerous investors have already displayed interest, with Binance Labs currently engaging in discussions with the UniSat team.

According to the data from Dune’s panel, UniSat Wallet boasts significant traction in the current Bitcoin Ordinals trading market, accounting for approximately 10% to 20% of the transaction volume and transaction times. Additionally, the platform boasts around 60,000 unique users, making it a notable player in the market.

A week earlier, UniSat Wallet launched brc20-swap, the industry’s first-ever Ordinals native swap. Here, any user can deploy new trading pairs and add liquidity to the Swap in the same way they can deploy and mint a classic brc20.

The UniSat team expressed enthusiasm, stating, “UniSat has been receiving proposals from various teams and individuals who are eager to extend the capabilities of brc20. We are enthusiastic about supporting their innovations, aiming to make the UniSat brc20 indexer highly competitive in this space.”

However, the CEO of OKX, Star Xu, questioned whether this feature is a centralized swap, as the current Bitcoin network lacks support for smart contracts, making it challenging to achieve a fully decentralized DEX Swap. Xu emphasized that in the current industry landscape, all centralized swaps, exchanges, and bridges without proper compliance controls, such as KYC and AML, pose significant risks in various jurisdictions.

UniSat Wallet’s team has experience in developing BSV (Bitcoin Satoshi Vision), a cryptocurrency designed to restore the original Bitcoin protocol as envisioned by its creator, Satoshi Nakamoto. Bitcoin SV aims to incorporate essential features from Nakamoto’s original white paper, which are currently absent in Bitcoin.