Financial technology company Portal has reportedly successfully raised $34 million in a seed funding round. This additional capital will help the company provide atomic swap technology for Bitcoin. The funding round saw support from leading investors such as Coinbase Ventures, OKX Ventures, Gate.io, and Arrington Capital.
Layer replacement request
According to a January 30 announcement, the company is developing a solution that would allow peer-to-peer Bitcoin swaps. Since it targets blockchain, it makes good use of the swapping layer, eliminating the need for a wrapper.
Are third parties removed?
The introduction of atomic swaps will help facilitate the seamless exchange of one cryptocurrency for another by limiting the need for third parties such as centralized cryptocurrency exchanges.
“Mt. From the early days of Gox to FTX, centralized exchanges have been a constant source of risk to user funds. Now the risk remains, but it has taken on new forms in bridges and other managed cross-chain solutions.” said Chandra Duggirala, Portal co-founder and CEO.
Bitcoin solutions are likely to improve!
Bitcoin connectivity solutions are expected to grow to meet demand in the coming months. This very aspect will drive many developments across the industry, including the same things investors are talking about. “Portal is carving out a unique niche in the evolving Bitcoin landscape and creating an innovative cross-chain private DEX protocol that deftly addresses the complexities and risks of both centralized and decentralized exchanges.” said Dora Yue, founder of OKX Ventures.