Portal, a decentralized exchange (DEX) built on Bitcoin, has recently completed a $34 million funding round with contributions from notable investors such as Coinbase Ventures and OKX Ventures. The DEX is designed to facilitate interchain transactions, akin to an interchain Lightning Network, as described by Portal’s co-founder and CEO Chandra Duggirala.
The substantial investment underscores the growing interest in Bitcoin-based decentralized financial solutions. Portal’s latest funding round, which included participants like Arrington Capital and Gate.io Ventures, brings its total raised capital to $42.5 million, with $8.5 million previously secured in a pre-funding round in 2021.
Duggirala clarified that the funding was acquired through a mix of a Simple Agreement for Future Equity (SAFE) and convertible notes, with no debt involved. The round’s success, with demand exceeding expectations, highlights the increasing appeal of the Bitcoin ecosystem among investors.
Understanding Portal’s Technology
Portal leverages a Bitcoin-based interchain atomic swap protocol, offering a decentralized exchange and wallet as its core products. The DEX supports Layer 2 atomic swaps across different blockchains, while the Portal wallet provides a “completely unsupervised” environment for users to manage their cryptocurrencies.
Duggirala emphasizes that Portal’s technology is designed to be fast, cost-effective, simple to use, and free from custody risks, setting a new standard in the realm of decentralized finance.