Portal – a layer two wallet system and cross-chain decentralized exchange centered around bitcoin – has received approximately $8.5 million in new funding from Coinbase, one of the world’s most popular digital currency platforms. Portal works to establish defi products using bitcoin that cannot be censored and enables private cryptocurrency trades.
Portal Snags a Lot of Dough
In addition to Coinbase, funds came by way of some of the biggest capital venture funds in the digital currency industry. Some of the names mentioned in the recent funding round include Republic.co, Shima Ventures, Autonomy Capital, B21 Capital, LD Capital, and Monday Capital. Money also came from the creators of staple crypto firms such as Tether and Ethereum.
Founder of Arrington XRP and TechCrunch Michael Arrington commented in a statement:
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.
Brian Johnson from Republic Capital also provided his two cents, mentioning:
Interoperability is a necessity for blockchain to bridge into the mainstream finance world. Republic Capital invested in Portal with this future in mind. Utilizing bitcoin’s security as an anchor, we believe that Portal and its team are in a unique position to build one of the leading bridges in defi.
Portal boasts a wide array of tools and services for those getting involved in the world of digital currency trades. These products include options, P2P lending and borrowing. The big clincher is that the platform is fully decentralized, meaning there are no third parties playing a role in transactions or getting involved in the financial activities of traders.
At the center of Portal is a product called Fabric, which features both layer two and layer three-level technology. The item works to limit and ultimately obliterate censorship, thereby providing private chains to developers who seek to utilize smart contracts or engage in activities like staking.
The Way Money Works in the Future?
Portal CEO Eric Martindale explained:
By bringing a fast, peer-to-peer, layer two exchange with the speed of centralized exchanges but with privacy, Portal is delivering on the promise of self-sovereignty for everyone. The current centralized exchanges, false ‘decentralized’ DEXs, custodially-wrapped tokens, and censorable ecosystems all threaten bitcoin’s promise of self-sovereignty. Fabric technology enables layer three privacy on cross-chain transactions and eliminates the need for centralized custodians… We believe bitcoin provides the much needed financial infrastructure that the free, uncensorable internet of the future will be built on, and although we are starting with a P2P exchange, our mission is to be the platform for decentralized, peer-to-peer human interactions… be it communications, financial transactions, or social media.