$34 Million Secures Seed Stage for Portal
Portal, a fintech company, has raised an impressive $34 million in its initial funding round. This substantial amount of capital will support the company as it develops atomic swaps technology for Bitcoin. The funding round saw backing from prominent investors including Coinbase Ventures, OKX Ventures, Gate.io, and Arrington Capital.
The company aims to create a solution that enables peer-to-peer Bitcoin swaps on the blockchain, eliminating the need for intermediaries. By utilizing swapping layers, Portal’s solution will allow for seamless exchange between different cryptocurrencies without relying on centralized crypto exchanges.
Portal co-founder and CEO Chandra Duggirala highlighted the risks associated with centralized exchanges and emphasized the importance of finding alternative solutions. He stated, “From the very early days of Mt. Gox to FTX, centralized exchanges have been a persistent source of risk to user funds. Now, the risk remains, but it has taken a new form in bridges and other custodial cross-chain solutions.”
The introduction of atomic swaps is expected to contribute to the growth of Bitcoin-related solutions in the coming months. This development will likely bring significant advancements to the industry. Dora Yue, founder of OKX Ventures, praised Portal for its innovative approach to addressing the complexities and risks of both centralized and decentralized exchanges. She commented, “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.”
Tags: funding