Portal, the provider of a decentralized Bitcoin ecosystem, announced on Jan. 30 that it has raised $34 million via a seed funding round. Portal said the raised capital is set to fund the development of a decentralized exchange platform and a wallet.
Layer 2 Atomic Swap Technology
Portal, a fintech provider advancing financial self-sovereignty, announced on Jan. 30 that it recently raised $34 million in seed funding. Key crypto venture firms and investors that participated in the funding round include Coinbase Ventures, Arrington Capital, OKX Ventures and Gate.io.
In a statement, Portal said the new funding has been raised at a time when the industry is dealing with security risks and fragmentation inherent in cross-chain bridges and exchange platforms. With approximately $2.5 billion stolen in the last two years alone, the fintech provider said the situation now requires a different approach, namely the atomic swap technology.
“Portal intends to solve the problem of custodial risk once and for all using secure and transparent Layer 2 atomic swap technology. With the support of our investors, we look forward to introducing cross-chain infrastructure that finally enables users to execute trades quickly and safely,” Chandra Duggirala, the co-founder and CEO of Portal, said.
The fintech provider revealed that it is attempting to create a solution that enables peer-to-peer swapping of bitcoins (BTC) across different blockchains without intermediaries. Additionally, Portal’s infrastructure is expected to enable the swapping of BTC across exchanges without giving up custody, privacy, or security.
Making BTC More Accessible and Secure
The latest funding round, which brings Portal’s capital raise so far to $42.5 million, will finance the development of the decentralized exchange (DEX) and wallet. Portal said it also plans to launch products previously reserved for large institutions and hedge funds.
Meanwhile, Michael Arrington, the founder and partner at Arrington Capital, commended Portal for pioneering decentralized finance on the Bitcoin network. Arrington added that Portal’s approach will likely make BTC more accessible and secure for individuals.
Dora Yue, the founder of Okx Ventures, described Portal’s platform as a game-changer and “a leap towards a future where trading is more responsive, liquid, and secure.”
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