Portal Raises $34 Million in Seed Funding for Decentralized Bitcoin Ecosystem
Portal, a fintech provider focused on financial self-sovereignty, recently announced that it has raised $34 million in a seed funding round. Key participants in the funding round include Coinbase Ventures, Arrington Capital, OKX Ventures, and Gate.io.
Addressing Security Risks with Atomic Swap Technology
Portal aims to tackle the security risks and fragmentation of cross-chain bridges and exchange platforms by utilizing atomic swap technology. With approximately $2.5 billion stolen in the past two years, Portal believes a different approach is needed.
The company plans to introduce a secure and transparent Layer 2 atomic swap technology to eliminate custodial risk. This will enable users to execute trades quickly and safely across different blockchains without intermediaries.
Enabling Peer-to-Peer Swapping of BTC
Portal’s decentralized exchange (DEX) and wallet, funded through this round, will enable peer-to-peer swapping of bitcoins (BTC) without intermediaries. Users will also be able to swap BTC across exchanges without compromising custody, privacy, or security.
Making BTC More Accessible and Secure
The $34 million raised in this funding round brings Portal’s total capital raise to $42.5 million. The funding will be used to develop the DEX and wallet, as well as launch products previously only available to large institutions and hedge funds.
Michael Arrington, the founder of Arrington Capital, commended Portal for pioneering decentralized finance on the Bitcoin network. He believes that Portal’s approach will make BTC more accessible and secure for individuals.
Dora Yue, the founder of OKX Ventures, called Portal’s platform a game-changer and a step towards a more responsive, liquid, and secure trading future.
Hot Take: Portal Raises $34 Million for Development of Decentralized Bitcoin Ecosystem
Portal’s successful seed funding round of $34 million highlights the growing demand for decentralized solutions in the cryptocurrency industry. With security risks and fragmentation posing significant challenges, Portal’s focus on atomic swap technology aims to address these issues effectively.
Through their DEX and wallet, Portal plans to enable peer-to-peer swapping of BTC and facilitate secure trades across different blockchains. This funding will help make BTC more accessible and secure for individuals, democratizing access to decentralized finance.
With the support of key investors, Portal is well-positioned to revolutionize the crypto space and drive innovation in the pursuit of financial self-sovereignty.
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