Portal Secures $ 8.5 Million From Coinbase Ventures And Other Crypto Industry Investors To Bring Bitcoin-Based DeFi To The Masses
Portal, a self-hosted Layer-2 wallet and a ârealâ cross-chain DEX on Bitcoin that âmakes atomic exchanges between Bitcoin and other digital assets fast, secure and private,â is happy to confirm that it has finalized an $ 8.5 million round to develop a self-sovereign, âuncensoredâ DeFi solution on Bitcoin.
As mentioned in a statement shared with Crowdfund Insider, the investment round saw the participation of Coinbase Ventures, ArringtonXRP Capital, OKEx, Republic.co.
Other participants in the round would have included 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, Centre.io, Polymath, Ãternity, Hedera Hashgraph, Blockstream, Reef Finance, GlobeDX, FIO, Portion and 4K.
Michael arrington, founder of ArringtonXRP, said:
âDecentralized cross-chain bridging is one of the most difficult problems in crypto today, especially as multiple blockchains are growing in popularity. We’re excited to see Portal’s native Bitcoin approach for multi-channel transfers come online and provide an alternative transition mechanism for the growing number of active on-chain users.
Johnson brain of Capital of the Republic have noticed :
âInteroperability is a necessity so that blockchain can bridge the gap with the world of traditional finance. Republic Capital invested in Portal with this future in mind. Using Bitcoin’s security as an anchor, we believe the portal and its team are in a unique position to build one of DeFi’s main bridges.
Portal provides the speed and liquidity of centralized platforms with âBitcoin’s trust minimization guaranteesâ.
From spot markets to options, lending and peer-to-peer borrowing, “all using on-chain, peer-to-peer contracts and without third-party custody or control, Portal unlocks Bitcoin’s potential for real. decentralize finance “.
As explained in the press release:
âAt the heart of Portal is its Layer 2 and Layer 3 technology, called Fabric, which is an open source toolkit for deploying censorship-resistant layers on top of the Bitcoin base layer. Fabric enables completely private, off-chain execution of âsmart contractsâ for asset issuance, P2P swaps, staking, liquidity, derivatives, and more. “
CEO of the portal Eric Martindale noted that by bringing “fast, peer-to-peer, Layer 2 exchange – with the speed of centralized exchanges but with confidentiality – Portal delivers on the promise of self-sovereignty for everyone.”
Eric added that current centralized exchanges, fake “decentralized” DEXs, tokens packaged in custody, and censurable ecosystems “all threaten Bitcoin’s promise of self-sovereignty.” Fabric technology “enables Layer 3 privacy on cross-chain transactions and eliminates the need for centralized custodians,” added Eric.
Commenting on the reason they decided to rely on Bitcoin, Martindale said:
“We believe that Bitcoin provides the much needed financial infrastructure on which the free and uncensored Internet of the future will be built, and although we start with a P2P exchange, our mission is to be the decentralized, peer-to-peer platform. to-to- -human interactions between peersâ¦ be it communications, financial transactions or social media. â
The platform uses Bitcoin’s “time-locked hash contracts” to “ensure that users retain full control over funds offered in the trade, thereby avoiding counterparty risk and loss of funds.”
It also aims to induce “anonymous and interested interested third parties to carry out intermediary transactions between peers who do not trust each other while ensuring security”.
The funding announcement “precedes Portal’s public sale of tokens on the Republic.co launch pad in October,” the announcement revealed.
As stated in the press release, Portal is a Bitcoin-based DeFi solution. This makes DeFi “unstoppable with anonymous and unconscious exchanges via the first real cross-chain DEX that is truly trustless.”
It was designed to “eliminate minting of wrapped coins (ie wBTC, wETH) or risky staking with middlemen”. With Portal, DeFi becomes a service that âanyone can provide, maintaining anonymity in open and transparent markets with a security model as robust as Bitcoin miningâ.
Fabric Protocol is Portal’s Layer 2 and Layer 3 technology that “helps create censorship-resistant communications, media, and cross-chain exchanges with the click of a button, all on Bitcoin.”