Jan 30, 2024

Portal Secures $34M in Seed Funding for Bitcoin Atomic Swaps and Web 3.0 Crypto Projects

Portal Raises $34M in Seed Round for Bitcoin Atomic Swaps - Web 3.0 Crypto Projects
Portal raises $34M in seed round for Bitcoin atomic swaps

Portal Secures $34 Million in Seed Funding for Atomic Swaps Technology

Financial technology firm Portal has successfully raised $34 million in seed funding to develop and offer atomic swaps technology for Bitcoin. The funding was provided by prominent investors such as Coinbase Ventures, Arrington Capital, OKX Ventures, and Gate.io.

Portal’s main goal is to create a solution that enables peer-to-peer swaps of Bitcoin (BTC) across various blockchains without the need for bridges or wrappers. Instead, they use their own swapping layer to facilitate the exchange.

Atomic swaps are a game-changing technology that allows for the direct exchange of one cryptocurrency for another without relying on a trusted third party, like a centralized crypto exchange. The term “atomic” refers to the fact that the trade is either completed entirely, with both parties receiving their respective assets, or not executed at all.

Eliminating Risks with Web 3.0 Technology

Portal co-founder and CEO Chandra Duggirala highlighted the potential risks associated with centralized exchanges, from the early days of Mt. Gox to more recent incidents like FTX. With the rise of bridges and other custodial cross-chain solutions, these risks have taken on a new form.

That’s where web 3.0 technology comes in. By utilizing decentralized solutions like atomic swaps, web 3.0 eliminates the need for centralized exchanges and their associated risks. This opens up a world of investment opportunities for projects like XCN, WAX, VVS, ZIL, and WLUNA, which are all part of the growing web 3.0 ecosystem.

Investing in the Future of Web 3.0

Web 3.0 is not just a buzzword – it’s a revolutionary shift in how we interact with the internet and the digital world. With the rise of web 3.0 products and crypto projects, there are endless possibilities for innovation and growth. And with the support of major investors, like those backing Portal, the future of web 3.0 looks brighter than ever.

Portal Secures Additional Funding for Development of Web 3.0 Crypto Products

The latest round of funding for Portal, a leading fintech company in the web 3.0 space, has just been announced. The company has secured an additional $8.5 million in funding, following a previous $8.5 million angel round in September 2021. This new capital will be utilized for the development of Portal’s two flagship products: a decentralized exchange and a noncustodial crypto wallet.

Similar solutions utilizing atomic swaps, such as Komodo Wallet (formerly known as AtomicDEX) and Liquality, are also gaining traction in the market. However, Portal aims to stand out by incorporating artificial intelligence technology into their products. They have plans to launch an AI-powered co-pilot for investment strategies, as well as an API integration tool for wallets and decentralized applications.

The demand for Bitcoin-linked solutions is expected to grow in the coming months, especially with the recent developments of the Ordinals protocol and the approval of spot Bitcoin exchange-traded funds in the United States. This presents a promising opportunity for Portal and other web 3.0 crypto projects.

“Portal is carving a unique niche in the evolving Bitcoin landscape, with their innovative cross-chain private DEX protocol. This protocol effectively addresses the complexities and risks of both centralized and decentralized exchanges,” stated Dora Yue, founder of OKX Ventures.

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