Portal Secures $34 Million in Seed Funding
Financial technology firm Portal has successfully raised $34 million in its seed funding round. This significant amount of capital will help the company develop atomic swaps technology for Bitcoin. The funding round saw support from major investors, including Coinbase Ventures, OKX Ventures, Gate.io, and Arrington Capital.
Call for Swapping Layers
The company announced plans to create a solution that allows peer-to-peer Bitcoin swaps, eliminating the need for a wrapper by using swapping layers within the blockchain.
Are Third Parties Eliminated?
The introduction of atomic swaps will facilitate the seamless exchange of cryptocurrencies without the need for third parties, such as centralized crypto exchanges. Portal co-founder and CEO, Chandra Duggirala, emphasized the risks associated with centralized exchanges and highlighted the benefits of atomic swaps.
Bitcoin Solutions Likely to Improve
As the demand for Bitcoin-linked solutions continues to grow, there is an expectation of significant improvements in the industry. Dora Yue, founder of OKX Ventures, commended Portal for addressing the complexities and risks of both centralized and decentralized exchanges, positioning the company as a pioneer in the evolving Bitcoin landscape.
Hot Take
In conclusion, Portal’s successful seed funding round and its focus on developing atomic swap technology for Bitcoin reflect the ongoing evolution and innovation within the cryptocurrency industry. As the company continues to advance its cross-chain DEX protocol, it has the potential to redefine the landscape of cryptocurrency exchanges, providing users with enhanced security and efficiency.
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