Portal, a financial technology firm, has reportedly raised a triumphant amount of $34 million in its seed funding round. This added-up capital will aid the firm in offering atomic swaps technology for Bitcoin. The funding round witnessed backing from significant investors like Coinbase Ventures, OKX Ventures, Gate.io and Arrington Capital.
Call for swapping layers
According to the announcement on January 30, the firm is developing a solution that allows peer-to-peer Bitcoin swaps. This will be destined towards the blockchain, which will, therefore, eliminate the need for a wrapper by making adequate use of swapping layers.
Are third parties eliminated?
The introduction of atomic swaps will help in the seamless exchange of one cryptocurrency to another by restricting the need for third parties like a centralized crypto exchange.
“From the very early days of Mt. Gox to FTX, centralized exchanges have been a persistent source of risk to user funds. Now, the risk remains, but it has taken a new form in bridges and other custodial cross-chain solutions,” said Portal co-founder and CEO Chandra Duggirala.
Bitcoin solutions are likely to improve!
The Bitcoin-linked solutions are highly expected to grow in concern with the demand in the next few months. This very aspect will also bring many developments around the industry, with the same note here as what the investor has to say; “Portal is carving a unique niche in the evolving Bitcoin landscape, crafting an innovative cross-chain private DEX protocol that masterfully addresses the complexities and risks of both centralized and decentralized exchanges,” said Dora Yue, founder of OKX Ventures.