Bitcoin-Based DeFi Platform Portal Raises $8.5M in Funding Round

Bitcoin-based DEX project, Portal, announced the closing of an $8.5 million funding round with investors from prominent firms. Participants include Coinbase Ventures, ArringtonXRP Capital, OKEx, Republic.co, Shima Ventures, LD Capital, Monday Capital, GenBlock, Taureon, Autonomy Capital, Krypital, and B21 Capital.

Aside from this, senior executives and founders of Ethereum also joined. The list went on as DFINITY, MobileCoin, Tether (USDT), Galaxy Digital, Bitcoin.com, Republic, Centre.io, Polymath, Æternity, Hedera Hashgraph, Blockstream, Reef Finance, GlobeDX, FIO, Portion, and 4K also participated.

Portal is a self-hosted Layer 2 wallet and true cross-chain DEX on Bitcoin. The platform makes atomic swaps between BTC and other coins. This solves one of the hardest problems that the entire crypto industry is facing.

According to Michael Arrington, founder of ArringtonXRP, decentralized cross-chain bridging is one of the main issues that the industry is facing at the moment. This is mainly because multiple blockchains are gaining traction. He expressed his excitement for the project.

Eric Martindale, Chief Executive Officer of Portal 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.

Aside from Arrington, Brian Johnson Republic Capital’s Director of Operations also shared his thoughts. According to Johnson, Republic Capital invested in Portal with interoperability in mind. He says that this is a requirement for blockchain to tap into mainstream finance.

Portal uses Bitcoin’s “hash time-locked contracts.” This is applied to ensure that each user will retain full control over funds offered in trades. This prevents potential loss of funds and counterparty risks.