Cross-chain DEX on Bitcoin platform Portal secured $8.5 Million in funding

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Portal

Portal, a California based self-hosted Layer 2 wallet and cross-chain DEX on Bitcoin, has now secured $8.5 million in funding round.

Portal was founded by Eric Martindale. The blockchain startup aims to unlock Bitcoin’s potential to actually decentralize finance from spot markets to options, all using on-chain, p2p lending and borrowing, peer-to-peer contracts, and without third-party custody or control. Portal makes atomic swaps between Bitcoin and some other digital assets secure, fast and private.

The cross-chain DEX on the Bitcoin platform uses Bitcoin’s "hash time-locked contracts" to make sure that users retain full control over the funds offered up in trade, loss of funds, and preventing counterparty risk.

Executive Opinion

Portal CEO Eric Mrtindale said, "By bringing a fast, peer-to-peer, Layer 2 exchange -- with the speed of centralized exchanges but with privacy -- Portal is delivering on the promise of self-sovereignty for everyone. The current centralized exchanges, false "decentralized" DEXs, custodially wrapped tokens, and censorable ecosystems all threaten Bitcoin’s promise of self-sovereignty. Fabric technology enables Layer 3 privacy on cross-chain transactions and eliminates the need for centralized custodians."

Michael Arrington, the founder of ArringtonXRP & TechCrunch, said, "Decentralized cross-chain bridging is one of the hardest problems in crypto right now, especially as multiple blockchains gain real traction. We're excited to see Portal's Bitcoin-native approach to multichain transfers go live and provide an alternative bridging mechanism to the growing number of active onchain users."

Portal's Latest Funding

The round was backed by the Coinbase Ventures, Republic.co, Shima Ventures, Taureon, Krypital, Autonomy Capital, Monday Capital, ArringtonXRP Capital, Galaxy Digital, MobileCoin, Tether (USDT), Reef Finance, Blockstream, and Hedera Hashgraph.

The blockchain startup, as of now, has plans to use the new funds to build a self-sovereign and uncensorable DeFi on Bitcoin, notes the announcement.
PC: Pixabay

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Udit Agarwal Opinions expressed by techsutram contributors are their own. More details
Udit Agarwal is a Digital Marketer and a Content Marketing Specialist, He enjoys technical as well as non-technical writing. His passion and urge for gaining new insights on gadgets, smartphones and technology has led him to Techsutram. He quenches his thirst for technology through his action oriented writing skills and a profound ability to stay up to date with latest industry trends.

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