Portal raises $ 8.5 million from Coinbase Ventures and other crypto industry investors to bring Bitcoin-based DeFi to the masses

portal, a self-hosted Layer 2 wallet and “real” cross-chain DEX for Bitcoin that “makes atomic swaps between Bitcoin and other digital assets fast, secure and private”, is pleased to confirm that it has an 8th , Completed the $ 5 million round to develop a self-sufficient and “uncensored” DeFi solution for Bitcoin.

As mentioned in a press release shared with Crowdfund Insider, participated in the investment round Coinbase Ventures, ArringtonXRP Capital, OKEx, Republic.co.

Other participants in the round reportedly included Shima Ventures, LD Capital, Monday Capital, GenBlock, Taureon, Autonomy Capital, Krypital, B21 Capital and the 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, said:

“Decentralized cross-chain bridging is currently one of the most difficult problems in cryptocurrency, especially as multiple blockchains are gaining in importance. We are pleased that Portal’s Bitcoin-native approach to multichain transfers goes live and provides an alternative bridging mechanism for the growing number of active onchain users. “

Brain johnson from Capital of the republic noted:

“Interoperability is a necessity for blockchain to bridge the gap in the mainstream financial world. With this future in mind, Republic Capital has invested in Portal. Using the security of Bitcoin as an anchor, we believe the portal and its team are in a unique position to build one of the leading bridges in DeFi. “

Portal offers the speed and liquidity of centralized platforms with the “Bitcoin Confidence Minimization Guarantees”.

From spot markets to options, peer-to-peer loans and credits, “all using on-chain, peer-to-peer contracts and with no third party custody or control, portal unlocks the potential of Bitcoin, actually decentralizing finance ”.

As explained in the press release:

“The heart of Portal is its Layer 2 and Layer 3 technology called Fabric, an open source toolbox for deploying censorship-resistant layers on top of the Bitcoin base layer. Fabric enables fully private, off-chain execution of “smart contracts” for asset issuance, P2P swaps, staking, liquidity, derivatives and more. “

CEO portal Eric Martindale found that Portal with “a fast peer-to-peer layer 2 exchange – at the speed of a centralized exchange, but with data protection – keeps the promise of self-sovereignty for all”.

Eric added that the current centralized exchanges, fake “decentralized” DEXs, custody tokens, and censable ecosystems “threaten all Bitcoin’s promise of self-sovereignty”. Fabric technology “enables Layer 3 data protection in cross-chain transactions and eliminates the need for central custodians,” added Eric.

On the reason they chose to build on Bitcoin, Martindale said:

“We believe that Bitcoin provides the much-needed financial infrastructure on which the free, uncensored internet of the future will be built, and while we’re starting with a P2P exchange, our mission is to be the platform for decentralized peer-to-human Interactions with like-minded people … be it communication, financial transactions or social media. “

The platform uses Bitcoin’s “hash time-locked contracts” to “ensure that users have full control over the funds offered in trading to avoid counterparty risk and money loss”.

It also aims to encourage anonymous, “self-serving third parties to mediate transactions between mutually suspicious colleagues while ensuring security”.

The announcement of the financing “comes before Portal’s public token sale on Republic.co’s launchpad in October,” the announcement said.

As mentioned in the press release, Portal are DeFi solutions based on Bitcoin. It makes DeFi “unstoppable with anonymous zero-knowledge swaps over the first true cross-chain DEX that is truly trustworthy”.

It was designed to “eliminate the minting of wrapped coins (i.e. wBTC, wETH) or risky staking with intermediaries”. With Portal, DeFi becomes a service that “anyone can provide who can maintain anonymity within open, transparent markets with a security model as robust as Bitcoin mining”.

The fabric protocol is Portal’s Layer 2 and Layer 3 technology, which “enables the establishment of censorship-resistant communication, media and cross-chain swaps with one click on Bitcoin”.

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