Portal Raises $34 Million Seed Round for Decentralized Bitcoin Exchange
Portal is a financial technology provider that has successfully raised $34 million in seed funding. The company’s goal is to provide financial autonomy by means of its decentralized bitcoin ecosystem. Also it want to make trading in cryptocurrencies safer, faster, and easier for everyone. Portal was established in 2019, and it has received funding from prominent investors in the cryptocurrency and fintech industries, including Coinbase Ventures, Arrington Capital, OKX Ventures, and Gate.io.
Portal’s Decentralized and Trust-Minimized Approach
This funding addition is a continuation of Portal’s angel round, which was completed in 2021 and raised $8.5 million. A peer-to-peer exchange of Bitcoin across multiple blockchains will be made possible by Portal’s decentralized and trust-minimized infrastructure. This will eliminate the need for potentially harmful intermediaries such as wrappers, bridges, CEXs, and multi-hop DEXs. Over the last two years, approximately $2.5 billion has been stolen from bridges alone by hackers, with prominent hacks of bridges such as Wormhole, HECO/HTX, Nomad, Harmony, Multichain, BNB bridge, and Orbit.
Portal DEX and Portal Wallet
Portal’s infrastructure will enable any user to swap Bitcoin across a range of blockchains and back in seconds without giving up custody, privacy, or security. The company plans to use the funds to develop its two flagship products: Portal DEX and Portal Wallet. Portal DEX is the first Bitcoin-based exchange that enables Layer 2 atomic swaps of cryptocurrencies across blockchains at greater speed, lower cost, and with increased transparency, security, and interoperability. Portal Wallet is a fully non-custodial tool that integrates Portal DEX and allows users to receive, store, and send cryptocurrencies across blockchains.
In the coming months, Portal will launch several new groundbreaking products previously only available to large institutions and hedge funds, including an AI-powered, co-pilot investment application for acquiring financial intelligence and maximizing high-level investment strategies; an API integration tool for building Portal DEX cross-chain swap functionality into existing wallets; DeFi applications on any chain; and Web3 DApps. Additionally, Portal will announce several strategic partnerships with major Bitcoin projects to enhance the utility and accessibility of Bitcoin, which have been bottlenecks for the crypto community.
Game-Changing Cross-Chain DEX Protocol
Portal is carving a unique niche in the evolving Bitcoin landscape by crafting an innovative, cross-chain, private DEX protocol that masterfully addresses the complexities and risks of both centralized and decentralized exchanges. The platform is a game-changer, making decentralized trading and financial contract creation for Bitcoin and other assets both faster and more secure.
