Portal firm, a financial technology firm secured $34 Million in a Seed Funding Round for Bitcoin Atomic Swaps. This technology is for Bitcoin and the investors are some of the notable names in the crypto market.
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Portal secured $34 Million in Seed Funding for Bitcoin Atomic Swaps
Securing $34 million in seed funding, financial technology firm Portal is set to advance its atomic swaps technology for Bitcoin, with notable investors including Coinbase Ventures, Arrington Capital, OKX Ventures, and Gate.io.
Portal’s solution aims to facilitate peer-to-peer Bitcoin swaps across various blockchains, eliminating the need for bridges or wrappers through its innovative swapping layer.
Atomic swaps, enabling trustless cryptocurrency exchanges, are integral to Portal’s approach, ensuring either the completion of the trade with both parties receiving assets or no execution at all.
CEO Chandra Duggirala highlighted the historical risks associated with centralized exchanges and emphasized Portal’s commitment to addressing evolving challenges in the crypto space.
$8.5 Million Angel Round
Following a $8.5 million angel round in September 2021, the newly secured capital will fuel the development of Portal’s decentralized exchange (DEX) and noncustodial crypto wallet. Comparable solutions utilizing atomic swaps, such as Komodo Wallet (formerly AtomicDEX) and Liquality, exist in the market.
Portal’s plans include implementing an artificial intelligence-driven co-pilot for investment strategies and an application programming interface (API) integration tool for wallets and decentralized applications.
Increasing Demand for Bitcoin-related Solutions
With the increasing demand for Bitcoin-related solutions, driven by recent developments like the Ordinals protocol and the approval of spot Bitcoin exchange-traded funds in the United States, Portal aims to carve a unique niche in the evolving Bitcoin landscape.
Dora Yue, founder of OKX Ventures, commended Portal for crafting an innovative cross-chain private DEX protocol that adeptly addresses complexities and risks associated with both centralized and decentralized exchanges.
To conclude, in securing $34 million in seed funding from prominent investors, Portal’s steps in advancing atomic swaps for Bitcoin highlight the growing interest in innovative crypto solutions. With plans to develop a decentralized exchange and noncustodial wallet, Portal is playing a pivotal role in shaping the future of secure and trustless cryptocurrency exchanges.
Note: It’s a research based article not a financial advice
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