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Post: Portal Raises $34 Million to Develop Atomic Swaps for Bitcoin

Portal Raises $34 Million to Develop Atomic Swaps for Bitcoin

Key Points:

  • Financial technology firm Portal has raised $34 million in seed funding.
  • The funding will be used to develop Portal’s decentralized exchange (DEX) and noncustodial wallet.
  • Investors in the round include Coinbase Ventures, Arrington Capital, OKX Ventures, and Gate.io.
  • Portal aims to offer atomic swaps technology for Bitcoin, allowing for peer-to-peer swaps across different blockchains.

Portal’s Atomic Swaps for Bitcoin:

Portal has raised $34 million in seed funding to develop its decentralized exchange (DEX) and noncustodial wallet. The funding round included investments from Coinbase Ventures, Arrington Capital, OKX Ventures, and Gate.io. Portal aims to enable peer-to-peer atomic swaps of Bitcoin across various blockchains, eliminating the need for bridges or wrappers. Atomic swaps allow for the exchange of cryptocurrencies without the involvement of a trusted third party, ensuring that the trade is either completed fully or not executed at all.

Hot Take:

The $34 million seed funding secured by Portal demonstrates the growing interest in atomic swaps technology and the potential for decentralized exchanges. Atomic swaps offer a more secure and efficient method of exchanging cryptocurrencies without the need for centralized exchanges. With the development of its DEX and noncustodial wallet, Portal aims to provide users with greater control and ownership of their assets while facilitating seamless trading across different blockchains. This funding will likely accelerate Portal’s development efforts and contribute to the wider adoption of atomic swaps in the cryptocurrency ecosystem.


Original article: https://cointelegraph.com/news/portal-raises-34m-seed-round-bitcoin-atomic-swaps

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