Coinbase Ventures Backs Portal’s $34M Funding for Innovative Bitcoin DEX
San Francisco-based startup Portal has secured $34 million in seed funding from investors including Coinbase Ventures, OKX Ventures, and Arrington Capital to develop a Bitcoin-based decentralized exchange (DEX).
The DEX, designed to enable swift, cost-effective, and intermediary-free cryptocurrency swaps, aims to avoid the security risks associated with cross-chain bridges commonly used in decentralized finance (DeFi). Unlike traditional exchanges requiring customer information for compliance, Portal’s DEX operates on a peer-to-peer basis, allowing users to trade tokens directly.
CEO Chandra Duggirala explained that Portal plans to utilize “secure and transparent Layer 2 atomic swap technology” to enhance security and efficiency, addressing the vulnerabilities seen in cross-chain custodial solutions. The funding will also support the creation of a non-custodial mobile wallet integrating the main DEX for seamless cross-blockchain asset management via smartphones. Michael Arrington, founder and partner of Arrington Capital, expressed enthusiasm for supporting Portal’s pioneering efforts in shaping DeFi on the Bitcoin network.
Clever Robot News Desk 2nd February 2024
