Taproot Wizards has raised $30 million with which it plans to build an ecosystem of applications using the OP_CAT Bitcoin improvement proposal (BIP).

OP_CAT is a feature that Bitcoin’s pseudonymous founder Satoshi Nakamoto included in the software’s original code but which he/she/they removed out of concerns that it exposed it to risks such as denial-of-service (DoS) attack.

Many developers have expressed a concern in bringing it back.

The proposal could bring Ethereum-like smart contract functionality to Bitcoin through introducing «covenants,» or rules that determine how a specific transaction will function.

Taproot Wizards, whose vision is to «make Bitcoin magical again,» sold a collection of 3,000 non-fungible token (NFT)-like pieces of digital art called «Quantum Cats» to drum up support for OP_CAT one year ago.

The Wizards have been attempting to «meme OP_CAT back into existence,» according to an emailed announcement on Tuesday.

Co-founder Udi Werthimer describes OP_CAT as «the missing piece» to attaining «permissionless programmability for bitcoin, allowing lending, trading and smart contracts without giving up self custody,» in Tuesday’s announcement.

The $30 million funding round was led by Standard Crypto.