9 months ago
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Raise funds from Coinbase investment department etc.
Portal, a Bitcoin (BTC)-based decentralized exchange (DEX), announced on the 31st that it has raised approximately 5 billion yen ($34 million) in a seed round. Investors include Coinbase Ventures, Arrington Capital, OKX Ventures, Gate.io and others.
We’re thrilled to announce #Portal‘s 𝘀𝘂𝗰𝗰𝗲𝘀𝘀𝗳𝘂𝗹 𝗰𝗹𝗼𝘀𝗲 𝗼𝗳 𝗮 $𝟯𝟰𝗠 𝘀𝗲𝗲𝗱 𝗳𝘂𝗻 𝗱𝗿𝗮𝗶𝘀𝗶𝗻𝗴 𝗿𝗼𝘂𝗻𝗱 from investors, including @CBVentures, @Arrington_Cap, @OKX_Ventures, @gate_io& others for building #DeFiOnBitcoinfeatured on @TheBlock__… pic.twitter.com/WhUMiUTv6z
— Portal (@portal_finance) January 30, 2024
The portal’s CEO, Chandra Duggirala, said that applications have more than doubled due to increased interest in the growth of the Bitcoin ecosystem.
Portal will use this funding to develop two main products: “Portal DEX” and “Portal Wallet.”
Portal DEX is a Bitcoin-based exchange that enables layer 2 atomic swaps of crypto assets (virtual currencies) across various blockchains. It is fast, low-cost, and improves transparency, security, and interoperability.
Atomic swap is a mechanism that eliminates the monitoring and intermediary of third parties such as exchanges, and allows transactions of different types of virtual currencies only between users.
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Portal Wallet is a self-managed wallet that works with Portal DEX and allows users to receive, send, and store cryptocurrencies on various blockchains.
What is DEX (Distributed Exchange)?
A decentralized exchange built on blockchain. It is also called “DEX” from “Decentralized EXchange,” which is the English translation of “decentralized exchange.” Since transactions are conducted directly between parties without going through a central administrator, there is no need to pay fees to the administrator, and other features include low liquidity and the user managing the private key.
Virtual currency glossary
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Address the risks of third-party custody
The portal also aims to address the risks of placing assets in third-party custody. CEO Duggirala pointed out that current cross-chain trading tools such as wrapped tokens and bridges carry the risk of hacking the platform.
The portal platform also goes on to say that it does not store user funds. The portal builds a solution that enables peer-to-peer trading of Bitcoin without the need for intermediaries such as cross-chain bridges, centralized exchanges (CEXs), and DEXs that conduct transactions through multiple liquidity pools. .
Future Plans
According to CEO Duggirala, the portal is currently in a testnet state and they expect it to be ready for mainnet by March.
In the coming months, we will also develop AI-powered investment applications and API integration tools to incorporate Portal DEX’s cross-chain swap functionality into existing wallets, DeFi (decentralized finance) apps, etc. It’s a plan.
We also plan to form multiple strategic partnerships with major Bitcoin projects.
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