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  • Writer's pictureTeresa Pace

Portal secures $34 million in seed funding to advance Bitcoin atomic swaps.

Updated: Jan 31

Portal has successfully raised $34 million in seed funding to advance its atomic swaps technology for Bitcoin, with investors in the funding round including Coinbase Ventures, Arrington Capital, OKX Ventures, and The secured funds will be allocated towards the development of Portal's decentralized exchange (DEX) and noncustodial wallet.

In an announcement on January 30, Portal revealed its mission to facilitate peer-to-peer swaps of Bitcoin across various blockchains, eliminating the necessity for bridges or wrappers by employing its proprietary swapping layer. The technology of atomic swaps enables the direct exchange of one cryptocurrency for another without relying on a trusted third party, such as a centralized crypto exchange. The term "atomic" reflects the process's characteristic of ensuring that the trade is either fully completed, with both parties receiving their respective assets, or not executed at all.

Portal's co-founder and CEO, Chandra Duggirala, highlighted the evolving risks associated with centralized exchanges, bridges, and custodial cross-chain solutions. The recently acquired funding, following an $8.5 million angel round in September 2021, will be utilized to advance Portal's primary offerings: a decentralized exchange and a noncustodial crypto wallet.

Other companies in the space, such as Komodo Wallet (formerly AtomicDEX) and Liquality, also offer similar solutions through atomic swaps. Portal's roadmap includes plans for an artificial intelligence-powered co-pilot for investment strategies and an application programming interface (API) integration tool for wallets and decentralized applications.

The demand for Bitcoin-linked solutions is expected to surge in the coming months, driven by recent developments such as the introduction of the Ordinals protocol and the approval of spot Bitcoin exchange-traded funds in the United States. Dora Yue, the founder of OKX Ventures, praised Portal for carving a unique niche in the evolving Bitcoin landscape, commending its innovative cross-chain private DEX protocol that effectively addresses the complexities and risks associated with both centralized and decentralized exchanges.

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