Portal Emerges from Stealth Mode with $34 Million Seed Funding to Revolutionize Crypto Trading

The fintech startup Portal, which focuses on financial self-sovereignty, has announced that it has come out of stealth mode and received $34 million in a successful seed fundraising round. Among the notable investors are Gate.io, OKX Ventures, Arrington Capital, and Coinbase Ventures. This funding comes after a $8.5 million angel round in 2021.

In particular, cross-chain bridges, centralized exchanges (CEXs), and decentralized exchanges (DEXs) provide security and fragmentation concerns for the cryptocurrency sector. Portal uses cutting-edge technology to attempt to address these problems.

An estimated $2.5 billion has been taken from bridges alone in the last two years, underscoring the weakness of current solutions. In order to remove custodial concerns, Portal focuses on transparent and safe Layer 2 atomic exchange technology.

Building a Decentralized Trading Infrastructure

Portal is developing a decentralized and trust-minimized infrastructure, allowing peer-to-peer swapping of Bitcoin across various blockchains. The platform aims to eliminate the need for intermediaries like wrappers, bridges, CEXs, and multi-hop DEXs.

With its infrastructure serving as a staking and swapping layer, interoperability layer, and execution layer, Portal enables users to execute trades quickly and safely, without compromising custody, privacy, or security.

The seed funding will be used to develop two flagship products: Portal DEX and Portal Wallet. Portal DEX facilitates Layer 2 atomic swaps of cryptocurrencies across blockchains, offering speed, low costs, transparency, security, and interoperability. Portal Wallet is a fully non-custodial tool that integrates with Portal DEX, enabling users to manage cryptocurrencies across blockchains.

Portal intends to provide cutting-edge goods in the next few months, such as an AI-powered investing application and an API integration tool. Additionally, the business plans to reveal strategic alliances with important Bitcoin initiatives.

Arrington Capital’s founder and partner, Michael Arrington, is enthusiastic about Portal’s contribution to the Bitcoin ecosystem since it makes it possible for people to transact business quickly and affordably without depending on intermediaries. With its innovative strategy, Portal seeks to increase individual users’ access to and security around Bitcoin.

The creator of OKX Ventures, Dora Yue, recognizes that Portal played a significant influence on forming DeFi on Bitcoin by developing a private, cross-chain DEX protocol that tackles dangers and complexity and improves the responsiveness, liquidity, and security of decentralized trading.