Portal Raises $34 Million Seed Round To Support Development Of Decentralized Bitcoin-based Exchange

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Portal, a fintech firm that promotes financial self-sovereignty and seamless access to Bitcoin and other cryptocurrency marketplaces, raised $34 million in venture funding. Coinbase Ventures, Arrington Capital, OKX Ventures, Gate.io, and other prominent fintech and crypto investors participated in the fundraising round. This funding comes as the crypto industry faces security threats and fragmentation, particularly in cross-chain bridges, CEXs, and DEXs.

Token Terminal estimates hackers stole $2.5 billion from bridges in two years. Wormhole, HECO/HTX, Nomad, Harmony, Multichain, BNB bridge, and Orbit are notable bridge hacks. Users utilize centralized, opaque, and risky wrappers, bridges, and custodians since there are no other cross-trading options. Portal uses secure and transparent Layer 2 atomic swap technology to eliminate cross-chain exchange custodial hazards.

Portal co-founder and CEO Chandra Duggirala stressed the necessity to address custodial risk by highlighting the vulnerability of bridges, centralized exchanges, and other custodial solutions. Portal's decentralized and trust-minimized infrastructure allows peer-to-peer Bitcoin trading across blockchains without wrappers, bridges, CEXs, or multi-hop DEXs. The infrastructure's staking, swapping, interoperability, and execution layers enable fast, safe Bitcoin swaps between blockchains without sacrificing custody, privacy, or security.

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