Portal Raises $34 Million in Seed Funding Round
Portal, a startup that is developing a Bitcoin-based cross-chain decentralized exchange and wallet, has secured $34 million in a seed funding round. Investors in the round include Coinbase Ventures, Arrington Capital, OKX Ventures, and Gate.io. The funding round was oversubscribed by more than two times due to increased interest in the growth of the Bitcoin ecosystem. This brings Portal’s total funding to $42.5 million, following an $8.5 million pre-seed funding round earlier this year.
Introducing Portal: A Cross-Chain Atomic Swaps Protocol
Portal is a protocol that facilitates cross-chain atomic swaps using Bitcoin as its base currency. It consists of two main products: a decentralized exchange (DEX) and a non-custodial wallet. The DEX allows for Layer 2 atomic swaps between cryptocurrencies across different blockchains, while the wallet integrates with the DEX to enable users to send, receive, and store cryptocurrencies securely without any custodial risk. Portal aims to replace custodial risk entirely within the space and plans to launch its products on the mainnet by March.
Portal’s Plans for the Future
With the new funding, Portal intends to expand its ecosystem and launch its products on the mainnet. The company aims to collaborate with various wallets and single-chain decentralized exchanges that utilize bridges. Additionally, Portal is considering launching its own native token, which will depend on the validators of the Portal network. The network currently operates using the xport token, an ERC-20 token that secures the network and rewards validators for facilitating swaps. Portal, founded in 2019 and based in San Francisco Bay Area, has doubled its team size over the past year and plans to continue hiring.
Hot Take: Portal Revolutionizes Cross-Chain Swaps
Portal’s successful seed funding round and innovative cross-chain atomic swaps protocol position it as a key player in the cryptocurrency ecosystem. By providing a decentralized exchange and wallet that eliminate custodial risk, Portal offers a secure and efficient solution for users to transact across different blockchains. With plans to launch on the mainnet and expand its ecosystem, Portal is poised to revolutionize cross-chain swaps and drive further growth in the Bitcoin space. The company’s commitment to innovation is also evident in its upcoming AI-powered investment application, which will empower users to make informed investment decisions using artificial intelligence technology.
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