Portal Secures $34M Seed Funding for Bitcoin Decentralized Exchange

• San Francisco Fintech Firm Portal Raises $34 Million
• Investors and Funding
• Portal's Mission
• A New Age for Crypto Transactions
• Significance of Funding Round

San Francisco Fintech Firm Portal Raises $34 Million

The San Francisco-based fintech company, Portal, has successfully raised $34 million to assist in the development of its Bitcoin$42,260 -0.64%-based decentralized exchange (DEX). The DEX emerged from stealth mode just recently.

Investors and Funding

The funding round was joined by notable investors such as Coinbase Ventures, Arrington Capital, OKX Ventures, and Gate$5.17 -0.37%.io. In addition to propelling the DEX's development, Portal plans to use the funds to further the advancement of a non-custodial wallet.

Portal's Mission

Portal aspires to provide a decentralized infrastructure that enables peer-to-peer Bitcoin (BTC) swapping across various blockchains. This comes without the necessity for intermediaries such as wrappers, bridges, or centralized exchanges (CEX), which increase the risk of hacks.

A New Age for Crypto Transactions

As a staking and swapping layer, interoperability layer, and execution layer, Portal's infrastructure will enable any user to swap bitcoin across a range of blockchains and back in seconds without giving up custody, privacy, or security, Portal stated.

Significance of Funding Round

The impressive size of the funding round reflects both the improved chances for securing capital in the crypto industry after several challenging years, and the escalating interest in using Bitcoin in the decentralized finance (DeFi) world. This sector has so far been dominated primarily by altcoins like Ether (ETH) and Solana$104 5.03% (SOL).

Edited by Jonathan Stoker