The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Portal Secures $8.5 Million From Coinbase Ventures, Arrington XRP Capital and Others To Build Bitcoin-Based DeFi Platform

by ChainWire
September 21, 2021
in Industry Announcements

September 21, 2021 – San Francisco, California


Portal – a self-hosted layer 2 wallet and true cross-chain DEX on Bitcoin that makes atomic swaps between Bitcoin and other digital assets fast, secure and private – is delighted to announce the closing of an $8.5 million funding round to build a self-sovereign and uncensorable DeFi on Bitcoin.

The funding round saw participation from Coinbase Ventures, Arrington XRP Capital, OKEx, Republic.co, Shima Ventures, LD Capital, Monday Capital, GenBlock, Taureon, Autonomy Capital, Krypital and B21 Capital, as well as the senior executives and founders of Ethereum, DFINITY, MobileCoin, Tether (USDT), Galaxy Digital, Bitcoin.com, Republic, Centre.io, Polymath, Æternity, Hedera Hashgraph, Blockstream, Reef Finance, GlobeDX, FIO, Portion and 4K.

Michael Arrington, founder of Arrington XRP and TechCrunch, said,

“Decentralized cross-chain bridging is one of the hardest problems in crypto right now, especially as multiple blockchains gain real traction. We’re excited to see Portal’s Bitcoin-native approach to multichain transfers go live and provide an alternative bridging mechanism to the growing number of active on-chain users.”

Brain Johnson from Republic Capital said,

“Interoperability is a necessity for blockchain to bridge into the mainstream finance world. Republic Capital invested in Portal with this future in mind. Utilizing Bitcoin’s security as an anchor, we believe that Portal and its team are in a unique position to build one of the leading bridges in DeFi.”

Portal offers the speed and liquidity of centralized platforms with the trust minimization guarantees of Bitcoin.

From spot markets to options, P2P lending and borrowing, all using on-chain, peer-to-peer contracts and without third-party custody or control, Portal unlocks Bitcoin’s potential to actually decentralize finance.

At the core of Portal is its layer 2 and layer 3 technology, called ‘Fabric,’ which is an open-source toolbox for deploying censorship-resistant layers on top of the Bitcoin base layer.

Fabric enables the completely private, off-chain execution of ‘smart contracts’ for asset issuance, P2P swaps, staking, liquidity, derivatives and more.

Eric Martindale, CEO of Portal, said,

“By bringing a fast, peer-to-peer, layer 2 exchange – with the speed of centralized exchanges but with privacy – Portal is delivering on the promise of self-sovereignty for everyone. The current centralized exchanges, false ‘decentralized’ DEXs, custodially-wrapped tokens and censorable ecosystems all threaten Bitcoin’s promise of self-sovereignty. Fabric technology enables layer 3 privacy on cross-chain transactions and eliminates the need for centralized custodians.”

On why they chose to build on Bitcoin, Martindale added,

“We believe Bitcoin provides the much-needed financial infrastructure that the free, uncensorable internet-of-the-future will be built on, and although we are starting with a P2P exchange, our mission is to be ‘the platform’ for decentralized, peer-to-peer human interactions – be it communications, financial transactions or social media.”

The platform uses Bitcoin’s ‘hash time-locked contracts’ to ensure that users retain full control over the funds offered up in trade, preventing counterparty risk and loss of funds.

It incentivizes anonymous, self-interested third parties to intermediate transactions between mutually untrusting peers while guaranteeing security.

The funding announcement comes ahead of Portal’s public token sale on Republic.co launchpad in October.

About Portal

Portal is DeFi built on Bitcoin. It makes DeFi unstoppable with anonymous, zero-knowledge swaps via the first true cross-chain DEX that’s genuinely trustless. It eliminates minting wrapped coins (i.e., wBTC, wETH) or risky staking with intermediaries. With Portal, DeFi becomes a service that anyone can provide, maintaining anonymity within open, transparent markets with a security model as robust as Bitcoin mining.

Fabric protocol is Portal’s layer 2 and layer 3 technology that enables building censorship-resistant communications, media and one-click cross-chain swaps – all on Bitcoin.

For further information, visit here.

Contact

George Burke

This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.


Follow Us on Twitter Facebook Telegram

Check out the Latest Industry Announcements
 

 
Submit a Press Release

Industry Announcements

  • Narwhal Finance Secures $1 Million in Seed Funding Led by Animoca Ventures
    March 24, 2023
  • Sports Prediction App Pooky Launches Full Version of Its Play-and-Earn Game
    March 23, 2023
  • StormGain Launches StormGain DEX for User-Friendly Decentralized Crypto Trading
    March 23, 2023
  • KyberSwap Announces First-Ever ARB Token Liquidity Pools, Liquidity Mining and Trading Campaigns on Arbitrum
    March 22, 2023
  • Metacade Presale Hits Final Stage Before Listings, Raising Over $500,000 in Under 24 Hours
    March 22, 2023
  • Yesports Launches the Largest Esports Marketplace for Gaming Expansion Into Web3 Alongside 40+ Partners
    March 21, 2023
  • Metatime Raises $11M in Private Funding To Enhance Web 3.0 Ecosystem
    March 21, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$27,891.47
$27,891.47
0.73%
Ethereum
$1,770.32
$1,770.32
0.72%
Cardano
$0.356025
$0.356025
0.94%
XRP
$0.45066
$0.45066
2.12%
Dogecoin
$0.074781
$0.074781
0.63%

Spotlight

  • Massive Bullish Catalyst for Bitcoin Looming As Accumulation Spikes, Says Galaxy Digital – But There’s a Catch
    March 24, 2023
  • Ripple President ‘Very Hopeful’ of a Win in SEC Lawsuit Against XRP, Predicts When Ruling Is Likely To Be Ready
    March 24, 2023
  • Arbitrum (ARB) Daily Transactions Pump to All-Time High as Ethereum (ETH) Scaling Solution Launches Airdrop
    March 24, 2023
  • 56,006,787,000,000 Shiba Inu (SHIB) Worth Over $600,000,000 Now Held by Top Ethereum Addresses: WhaleStats
    March 24, 2023
NBX Warsaw Summit Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl