Portal aims to use the fresh funding to debut its products on the mainnet and foster the expansion of its ecosystem. The Bitcoin-based DEX distinguishes itself by not holding user funds in any capacity, whether through single or multiple signatures.
Bitcoin-based cross-chain decentralized exchange and wallet Portal raised a staggering $34 million in a recent seed funding round. Some of the top names leading the investment included Coinbase Ventures, OKX Ventures, Arrington Capital, and Gate.io, as per information provided by Portal.
The funding round comprised a combination of convertible notes and a simple agreement for future equity (SAFE). Portal co-founder and CEO Chandra Duggirala said that the funding round comprised no debt component while refusing to comment on the company valuation.
Portal’s seed funding round, totaling $34 million, exceeds the standard size for such rounds and reflects the heightened interest in the expanding Bitcoin ecosystem. With over two times oversubscription, the round demonstrates robust investor confidence. This latest funding round, in addition to the $8.5 million secured in pre-seed funding in 2021, elevates Portal’s total funding to $42.5 million.
More About Bitcoin DEX Protocol Portal
Portal stands out as a Bitcoin-centric cross-chain atomic swaps protocol offering two primary products: a decentralized exchange (DEX) and a wallet. The Portal DEX facilitates Layer 2 atomic swaps, enabling seamless cryptocurrency exchanges across different blockchains. Furthermore, the Portal wallet, characterized as “fully non-custodial,” integrates with the DEX, thereby allowing users to securely send, receive, and store cryptocurrencies across blockchains.
Duggirala also emphasized the inherent risks in existing cross-chain swap tools like wrapped tokens and bridges. He also highlighted that these methods have faced substantial losses due to hacks and custody-related concerns. In contrast, Portal distinguishes itself by not holding user funds in any capacity, whether through single or multiple signatures.
As of now, Portal’s products are in the testnet phase, with Duggirala expressing confidence in achieving mainnet readiness by March. Portal aims to use the fresh funding to debut its products on the mainnet and foster the expansion of its ecosystem. Duggirala said:
“We want to support and integrate with as many wallets and single-chain decentralized exchanges that use bridges. Our goal is to replace completely the custodial risk in this space.”
Portal’s Token and AI Plans
Regarding the prospect of launching its own native token, Duggirala stated that the decision would be contingent on the validators of the Portal network. The network operates on the xport (proposed ticker) token, an ERC-20 token, which is employed to secure the network and compensate validators for facilitating the swaps.
Additionally, in the upcoming months, Portal intends to introduce an AI-powered investment application designed to assist users in making informed and “intelligent” investment decisions, according to Duggirala.