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Today: Jun 14, 2024

Fintech wizardry $34M fuels Bitcoin exchange on Provider Portal.

1 min read

Portal, a San Francisco-based fintech provider, has raised $34 million in seed funding to support the development of its bitcoin-based decentralized exchange (DEX). The funding round included participation from investors such as Coinbase Ventures, Arrington Capital, OKX Ventures, and Gate.io. Portal aims to offer a decentralized infrastructure for peer-to-peer swapping of bitcoin across different blockchains without the need for intermediaries such as wrappers, bridges, or centralized exchanges. The company also plans to use the funding to advance the development of a non-custodial wallet.

Portal’s infrastructure will allow users to swap bitcoin across a range of blockchains and back in seconds without giving up custody, privacy, or security. The funding round demonstrates the growing interest in the use of bitcoin in the decentralized finance (DeFi) world, which is primarily dominated by altcoins like ether and Solana. This funding round indicates a positive outlook for raising capital in the crypto industry and the increasing demand for decentralized financial services.