Bitcoin-Based DEX Portal Secures $34 Million in Seed Funding, Plans Mainnet Launch and Expansion
Crypto News – Portal, a Bitcoin-based cross-chain decentralized exchange (DEX) and wallet, has successfully raised an impressive $34 million in its recent seed funding round. The funding was led by prominent investors, including Coinbase Ventures, OKX Ventures, Arrington Capital, and Gate.io, according to information disclosed by Portal.
This substantial funding round was a combination of convertible notes and a simple agreement for future equity (SAFE), with Portal’s co-founder and CEO, Chandra Duggirala, noting that it did not involve any debt components. However, Duggirala did not comment on the specific valuation of the company.
Portal’s seed funding round, totaling $34 million, significantly surpasses the typical size for such rounds, reflecting the growing interest in the expanding Bitcoin ecosystem. With more than twice the amount oversubscribed, the round underscores the strong confidence of investors. This latest funding, combined with the $8.5 million previously secured in pre-seed funding in 2021, brings Portal’s total funding to $42.5 million.
A Closer Look at Portal’s Bitcoin DEX Protocol
Portal distinguishes itself as a Bitcoin-centric cross-chain atomic swaps protocol, offering two core products: a decentralized exchange (DEX) and a non-custodial wallet. The Portal DEX is designed to facilitate Layer 2 atomic swaps, enabling seamless cryptocurrency exchanges across various blockchains. Moreover, the Portal wallet, characterized as “fully non-custodial,” seamlessly integrates with the DEX, allowing users to securely send, receive, and store cryptocurrencies across different blockchain networks.
Duggirala emphasized the inherent risks associated with existing cross-chain swap tools like wrapped tokens and bridges, which have experienced significant losses due to hacks and custody-related issues. In contrast, Portal stands out by not holding user funds in any capacity, whether through single or multiple signatures.
As of the current stage, Portal’s products are in the testnet phase. Duggirala expressed confidence in achieving readiness for the mainnet by March. The fresh funding will be instrumental in launching Portal’s products on the mainnet and fostering the expansion of its ecosystem. Duggirala stated, ‘We aim to support and integrate with numerous wallets and single-chain decentralized exchanges that use bridges, with the ultimate goal of completely eliminating custodial risk in this space.’
Portal’s Token and AI Initiatives
Regarding the possibility of introducing its native token, Duggirala explained that the decision would rely on the validators of the Portal network. The network currently operates on the xport (proposed ticker) token, an ERC-20 token used to secure the network and compensate validators for facilitating swaps.
In the coming months, Portal plans to launch an AI-powered investment application, designed to assist users in making informed and intelligent investment decisions, as part of its continued expansion and innovation efforts.
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