Fintech Provider Portal Secures $34 Million in Seed Funding for Bitcoin-Based DEX
Fintech provider Portal has raised $34 million in seed funding to develop its Bitcoin-based decentralized exchange (DEX) which will aid cross-chain swaps between multiple networks. The funding round drew participants from cryptocurrency firms like Coinbase Ventures, Arrington Capital, Gate.io, OKX Ventures, and more.
Building a Secure and Transparent Cross-Chain Infrastructure
Portal plans to develop a model for peer-to-peer (P2P) Atomic swapping of Bitcoin (BTC) without intermediaries susceptible to hacks. The technology will enable users to swap Bitcoin across multiple networks quickly and safely without compromising privacy and security.
“Portal intends to solve the problem of custodial risk once and for all using secure and transparent Layer 2 atomic swap technology. With the support of our investors, we look forward to introducing cross-chain infrastructure that finally enables users to execute trades quickly and safely.”
Flagship Products: DEX and Non-Custodial Wallet
Portal will roll out its DEX and wallet as two flagship products. The DEX allows more efficient BTC swaps, while the wallet is a non-custodial tool for receiving and sending cryptocurrencies across blockchains. Additionally, Portal plans to release AI-powered tools, API integration tools, and other partnerships with Bitcoin firms.
Emphasizing Asset Security
The security of investor assets has become a top priority for Portal due to recent industry hacks that have resulted in significant losses. The company aims to address this issue through fast and secure technology.
Chandra Duggirala, the co-founder and CEO of Portal, stated that bridges and custodial solutions have always carried risks. Portal’s goal is to mitigate these risks and provide a safe environment for users.
Setting the Pace for DeFi on Bitcoin
Michael Arrington, the CEO of Arrington Capital, praised Portal for advancing the Bitcoin ecosystem and making it more accessible and secure for individuals. He believes that Portal’s unique approach to access, security, and products will drive the growth of decentralized finance (DeFi) on Bitcoin.
Hot Take: Portal Raises $34 Million for Decentralized Bitcoin Cross-Chain Swaps
Fintech provider Portal has secured $34 million in seed funding to develop its Bitcoin-based decentralized exchange (DEX) and non-custodial wallet. The company aims to enable cross-chain swaps between multiple networks using secure and transparent Layer 2 atomic swap technology. This funding round saw participation from major cryptocurrency firms. Portal’s emphasis on asset security comes in response to recent industry hacks, and it aims to address this issue through fast and secure technology. With its innovative approach, Portal is setting the pace for decentralized finance (DeFi) on Bitcoin, making it more accessible and secure for individuals.
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