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Portal Raises $8.5M to Bring Bitcoin-based DeFi to Users Backed by Coinbase Ventures and Others

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by Sanaa Sharma · 3 min read
Portal Raises $8.5M to Bring Bitcoin-based DeFi to Users Backed by Coinbase Ventures and Others
Photo: Unsplash

In October, Portal will inaugurate its first public token sale on Republic.co launchpad.

Portal, a cross-chain decentralized exchange, has secured an $8.5 million funding round to create an uncensorable and independent DeFi on Bitcoin. Portal is a peer-to-peer network that enables fast, non-custodial trading that utilizes swaps and transfers of provable execution of contracts to layer 2.

The funding round witnessed participation from industry giants like Coinbase Ventures, ArringtonXRP Capital, OKEx, Republic.co, Shima Ventures, LD Capital, Monday Capital, GenBlock, Taureon, Autonomy Capital, Krypital, B21 Capital as well as the senior executives and founders of Ethereum, DFINITY, MobileCoin, Tether (USDT), Galaxy Digital, Bitcoin.com, Republic, etc.

According to the founder of TechCrunch, Michael Arrington, decentralized cross-chain linking is one of the most crucial issues in the crypto world at present. With the Bitcoin-native ideal to reach multi-chain exchanges, there is a possibility of bridging the gap and influencing more people to enter the crypto markets, he added.

Portal furnishes its users with the speed and liquidity of centralized platforms, using the security of Bitcoin as an anchor. Essentially, Fabric is a Layer 2 and Layer 3 technology that runs Portal. As an open-source toolbox for establishing anti-censorship layers on the Bitcoin base layer, it allows personal execution of smart contracts for asset issuance, P2P swaps, staking, liquidity, derivatives, and more.

Chief Executive Officer of Portal, Eric Martindale, claimed that Portal is ensuring self-sovereignty with its Layer2 exchange. He went on to say that the present centralized exchanges are faulty and use custodial wrapped tokens with their censorable networks. Such ecosystems will be challenged by Fabric technology which allows Layer 3 protection on cross-chain exchanges and gets rid of any centralized custodians in between. Martindale also added that Bitcoin has been able to furnish them with a solid financial infrastructure that will hoist the unrestricted internet of the future.

Portal utilizes a “hash timelock contract” that reduces counterpart risk in decentralized smart contracts by efficiently building a time-based escrow. It requires the receiver of the payment to accept or reject the smart contract within a small time interval. This ensures that the customers enjoy maximum power over the funds that are involved in the trade, eventually reducing the risk of loss. The platform encourages anonymous, self-motivated third parties to carry out exchanges between two suspicious traders.

Republic Capital speaker Brian Johnson said that the company has supported Portal as it caters to the issue of interoperability, which is a crucial part of Blockchain.

In October, Portal will inaugurate its first public token sale on Republic.co launchpad.

Bitcoin News, Blockchain News, Business News, Cryptocurrency news, Investors News
Sanaa Sharma
Author Sanaa Sharma

Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.

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