News22 September 2021

Portal Secures $8.5M From Coinbase Ventures To Build Bitcoin-Based DeFi Platform

Portal Secures $8.5M From Coinbase Ventures

Summary

  • Portal Closes $8.5M Funding Round
  • Portal plans to bring DeFi to Bitcoin
  • Leading VC took part in the funding round

Portal is a self-hosted layer-2 DEX (decentralized exchange) on Bitcoin that allows atomic swaps between different digital assets and bitcoin by offering a fast, private and secure platform. The platform had announced the closure of a successful round of funding where it managed to raise $8.5 million. These funds will go towards a Portal project to build an uncensorable and self-sovereign DeFi ecosystem on the Bitcoin blockchain.

Leading DeFi venture capitalists took part in this funding round: Coinbase Ventures, ArringtonXRP Capital, Autonomy Capital, Krypital, OKEx, Republic.co, Shima Ventures, Bitcoin.com, LD Capital, Monday Capital, GenBlock, Taureon, Tether (USDT), B21 Capital, Polymath, as well as the senior executives and founders of Ethereum, Blockstream, DFINITY, MobileCoin, Galaxy Digital, Portion, Republic, Centre.io, Reef Finance, Æternity, Hedera Hashgraph, GlobeDX, FIO, and 4K.

“Decentralized cross-chain bridging is one of the hardest problems in crypto right now, especially as multiple blockchains gain real traction. We’re excited to see Portal’s Bitcoin-native approach to multichain transfers go live and provide an alternative bridging mechanism to the growing number of active on-chain users.” - Michael Arrington, founder of ArringtonXRP and TechCrunch.

Through this venture, Portal will unlock the potential of Bitcoin to decentralize finance.

Kibet Elikana
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