SAN FRANCISCO – (BUSINESS WIRE) – Sep 21, 2021–
Portal, a self-hosted Layer 2 wallet and true cross-chain DEX on Bitcoin that makes atomic exchanges between Bitcoin and other digital assets fast, secure, and private, is delighted to announce the close of a round of $ 8.5 million funding to build a sovereign, uncensored DeFi on Bitcoin.
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The roundtable saw the participation of Coinbase Ventures, ArringtonXRP Capital, OKEx, Republic.co, Shima Ventures, LD Capital, Monday Capital, GenBlock, Taureon, Autonomy Capital, Krypital, B21 Capital as well as senior executives and founders of Ethereum, DFINITY, MobileCoin, Tether (USDT), Galaxy Digital, Bitcoin.com, Republic, Centre.io, Polymath, Æternity, Hedera Hashgraph, Blockstream, Reef Finance, GlobeDX, FIO, Portion and 4K.
Michael Arrington, Founder of ArringtonXRP & TechCrunch, said: “ Decentralized cross-chain bridging is one of the most difficult problems in crypto today, especially as several blockchains are growing in popularity. We are 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.. “
Brain Johnson of Republic Capital said: “Interoperability is a necessity for blockchain to 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 offers the speed and liquidity of centralized platforms with the confidence minimization guarantees of Bitcoin. From spot markets and options, to p2p lending and borrowing, all using on-chain, peer-to-peer contracts and without the custody or control of a third party, Portal unlocks the potential of Bitcoin to truly decentralize. finance.
At 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 “smart contracts” for asset issuance, P2P swaps, staking, liquidity, derivatives, and more.
Portal CEO Eric Martindale said: ” By bringing fast Layer 2 peer-to-peer exchange – with the speed of centralized exchanges but with privacy – Portal delivers on the promise of self-sovereignty for everyone. Current centralized exchanges, fake “decentralized” DEXs, tokens wrapped 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. “
On why they chose to rely on Bitcoin, Martindale commented: ” 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 platform. – human interactions between peers … be it communications, financial transactions or social media. “
The platform uses Bitcoin’s ‘hash time-locked contracts’ to ensure that users retain full control over the funds offered in the trade, thereby avoiding counterparty risk and loss of funds. It encourages anonymous and interested third parties to conduct intermediary transactions between peers who do not trust each other while ensuring security.
The funding announcement precedes Portal’s public token sale on the Republic.co launch pad in October.
About the portal
The portal is DeFi built on Bitcoin. This makes DeFi unstoppable with anonymous and unconscious exchanges via the first real cross-chain DEX that is truly trustless. It eliminates minting of wrapped coins (i.e. wBTC, wETH) or risky staking with middlemen. With Portal, DeFi becomes a service anyone can provide, maintaining anonymity in open and transparent markets with a security model as robust as Bitcoin mining.
Fabric Protocol is Portal’s Layer 2 and Layer 3 technology that enables one-click censorship-resistant communications, media, and cross-chain exchanges, all on Bitcoin.
For more information visit: https://portaldefi.com/
See the source version on businesswire.com: https://www.businesswire.com/news/home/20210921005791/en/
For media inquiries, please contact: George Burke, george @ getportal.co
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PUB: 09/21/2021 10:33 a.m. / DISC: 09/21/2021 10:33 a.m.