Portal, a fintech company that provides easy access to Bitcoin and other cryptocurrency marketplaces, revealed that it has come out of stealth mode and raised $34 million in seed funding.
Several well-known fintech and cryptocurrency investors participated in the round, including Gate.io, Arrington Capital, Coinbase Ventures, and OKX Ventures. The seed money expands upon the $8.5 million angel round Portal completed and closed in 2021.
The cryptocurrency sector faces significant challenges due to fragmentation and security issues associated with cross-chain bridges, centralized exchanges (CEXs), and decentralized exchanges (DEXs). This additional funding comes at a critical juncture for the industry.
According to Chandra Duggirala, co-founder and CEO of Portal, “Bridges, centralized exchanges, and other custodial solutions that enable cross-chain exchange have been vulnerable and insecure for as long as they have existed.”
Portal stated in its announcement, “As a staking and swapping layer, interoperability layer and execution layer, Portal’s infrastructure will enable any user to swap Bitcoin across a range of blockchains and back in seconds without giving up custody, privacy or security.”
Portal will use the funding to continue developing its two main products, Portal Wallet and Portal DEX. The first Bitcoin-based exchange that offers faster, less expensive, more transparent, secure, and interoperable Layer 2 atomic exchanges of cryptocurrencies across blockchains is Portal DEX.
“Portal is pioneering what DeFi on Bitcoin looks like and we are thrilled to be supporting this team that continues to deliver,” said Michael Arrington, founder and partner of Arrington Capital.
As to the statement made by Dora Yue, the founder of OKX Ventures, “Portal is carving a unique niche in the evolving Bitcoin landscape, crafting an innovative, cross-chain, private DEX protocol that masterfully addresses the complexities and risks of both centralized and decentralized exchanges.”
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