Portal to build a Layer 2 wallet, cross-chain DEX on Bitcoin Raises $8.5M Funding
Portal, a cross-chain DEX on Bitcoin and a self-hosted Layer 2 wallet is going to build Defi on Bitcoin. And for this, they have raised $8.5 million from Coinbase Ventures, ArringtonXRP Capital, OkeX, Republic, Hedera Hashgraph, Dfinity, Tether, and many notable crypto companies and individuals. Bitcoin.com, Ethereum, GenBlock, Taureon, Autonomy Capital, Galaxy Digital, Centre.io, Polymath, Æternity, Blockstream, Reef Finance, GlobeDX, FIO, Portion, and 4K are its other investors. Portal Finance is backed by notable investors and they plan on bringing in Bitcoin-based decentralized finance to the masses.
Portal is introduced as a financial internet based on Bitcoin that makes atomic swap between Bitcoin and other digital assets possible in a decentralised manner. Portal Finance brings in a quick, peer-to-peer layer two exchange. It works as swiftly as centralized exchanges, but with much more privacy. DeFi cross-chain bridging is one of the biggest shortcomings of crypto. As a counter to this, Portal’s objective of bringing in multi-chain transfers acts as a way of attracting more users, especially when multichain is gaining traction.
Portal Finance is based on its Layer 2 and Layer 3 technology known as Fabric. Fabric is an open-source technology that is responsible for generating censorship-resistant layers on top of the basic Bitcoin Layer. This ensures completely private and off-chain dealings of smart contracts for staking, liquidity, P2P swaps, and assets insurance. This platform basically negates the requirement of centralized custodians.
The objective of bringing the concept of DeFi into the Bitcoin network has raised quite a lot of eyebrows in the investors’ market. One of the main reasons is their cross-chain approach. Although it is starting off as a peer-to-peer Bitcoin-based exchange, it would in future move on to act as a platform for a much broader Decentralized Finance ecosystem.
This 8.5M funding will help Portal to work on and expand its self-sovereignty and uncensorable DeFi solutions for the Bitcoin ecosystem. This huge funding precedes a public token sale in October 2021, on Republic Launchpad!
To abridge it for you, Portal is a DeFi built on Bitcoin. It makes DeFi entirely anonymous and private with zero-knowledge swaps. It takes minting wrapped coins out of the picture and eliminates risky staking with emissaries. This true cross-chained DEX provides for private, secure, and fast atomic swaps between Bitcoin and other digital assets. This was that one necessary step towards bridging Bitcoin to mainstream finance, keeping in mind that DeFi is becoming the new normal.
The notable investors behind this funding believe that taking Bitcoin’s security as a support pillar, Portal has the potential to build one of the most crucial bridges in Decentralized Finance.
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