Portal, a financial technology firm, secured $34 million in seed funding to offer atomic swaps technology for Bitcoin. Investors backing the initiative is expected to include Coinbase Ventures, Arrington Capital, OKX Ventures and Gate.io, among others, stated Cointelegraph.
“From the very early days of Mt. Gox to FTX, centralised exchanges have been a persistent source of risk to user funds. Now, the risk remains, but it has taken a new form in bridges and other custodial cross-chain solutions,” Chandra Duggirala, co-founder and CEO, Portal, explained.
Sources revealed that Portal’s funding follows an $8.5 million angel round closed in September 2021. The new capital is expected to be used to develop the company’s two flagship products: a decentralised exchange and a noncustodial crypto wallet. Other companies offering similar solutions through atomic swaps include Komodo Wallet, formerly AtomicDEX and Liquality, among others, added Cointelegraph.
“Portal is carving a unique niche in the evolving Bitcoin landscape, crafting an innovative cross-chain private DEX protocol that masterfully addresses the complexities and risks of both centralized and decentralized exchanges,” Dora Yue, founder, OKX Ventures, concluded.
(With insights from Cointelegraph)
