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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    NFT Sales Spike in July—but Still Miles Below 2024’s Highs

    NFT Sales Spike in July—but Still Miles Below 2024’s Highs

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    Ethereum Collections Lead NFT Sales Today

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    how NFTs became a global brand and a Web3 “social currency”

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    Pixel Vault Removes CEO Following Self-Dealing and Rug Pull Accusations

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    Labubus have succeeded in every way that NFTs have failed

    CryptoPunks Floor Price Hits 3-Year High of $208,000

    CryptoPunks Floor Price Hits 3-Year High of $208,000

    NFT sales surge to $574 million in July, second-highest in 2025

    NFT sales surge to $574 million in July, second-highest in 2025

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    Cracking China’s Blockchain Gaming Market: Why Shrapnel Chose GalaChain

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    Shrapnel to Leave Avalanche in New Partnership with Gala Games

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    Google to Pit Top AI Models Against Each Other in Live Chess Tournament

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    Blockchain Bookmakers: A New Era of Fair and Secure

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    Ethereum NFT Sales Surge 56% in July 2025 as Alt-Chains Lose Market Share

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    The Biggest Games Releasing in August 2025

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    TaskOn Joins EPHYRA to Elevate AI-Powered Gaming Experience

    The Squid Fighter game is taking Telegram by storm — join the fight and claim your NFT before it’s too late!

    The Squid Fighter game is taking Telegram by storm — join the fight and claim your NFT before it’s too late!

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    Early Off the Grid Skin Holders Are Cashing In – Will You?

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    UAE emirate launches new free zone for digital assets, Web3 and AI

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    What Is Crypto Staking? How to Earn Crypto by Holding It

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    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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Home DeFi

Bitcoin-based DEX Portal raises $34 million in seed funding

January 30, 2024
in DeFi
18
Bitcoin Layer 2 Bitfinity raises token round at $130 million valuation
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Portal, a startup that is a Bitcoin BTC

+0.87%
-based, cross-chain decentralized exchange and wallet, has raised $34 million in a seed funding round. Investors included in the round Coinbase Ventures, Arrington Capital, OKX Ventures and Gate.io, Portal said Tuesday.

The seed round was structured as a combination of a simple future equity agreement (SAFE) and convertible notes, all of which were fully converted into equity, Portal co-founder and CEO Chandra Duggirala told The Block in an interview. There is no debt component to the round, Duggirala noted, declining to comment on the valuation.

READ ALSO

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At $34 million, Portal’s seed round exceeds the typical size for a seed round. Duggirala said it was more than two times oversubscribed due to increased interest in the growth of the Bitcoin ecosystem.

The seed round brings Portal’s total funding to $42.5 million, adding to the $8.5 million raised in pre-seed funding in 2021.

What is Portal?

Portal is a Bitcoin-based cross-chain atomic swaps protocol. The two main products are a decentralized exchange and a wallet.

Portal DEX enables Layer 2 atomic swaps of cryptocurrencies across blockchains. Portal wallet, a ‘completely non-custodial’ tool, integrates the DEX and allows users to send, receive and store cryptocurrencies across blockchains.

“You can think of Portal as a cross-chain Lightning network,” says Duggirala. “It’s fast, cheap, easy and there is no risk to freedom.”

Current cross-chain swap tools, such as wrapped tokens and bridges, are risky because they have lost billions of dollars in hacks and pose some kind of custodial risk, Duggirala said, adding that Portal also does not store user funds at all via one signature or multiple signatures.

See also  BadgerDAO launches stETH-backed synthetic bitcoin, rewarding users for taking out loans

Portal products are currently in testnet form and “mainnet readiness is very possible in March,” Duggirala said.

Portal plans and token

With new funding available, Portal plans to launch its products on the mainnet and grow its ecosystem. “We want to support and integrate as many single-chain wallets and decentralized exchanges that use bridges as possible,” Duggirala said. “Our goal is to completely replace the risk of freedom in this space.”

When asked if Portal plans to launch its own native token, Duggirala said the decision would depend on the validators of the Portal network. The network runs on the xport token (proposed ticker), an ERC-20 token, Duggirala said, adding that it is used to secure the network and reward validators for making the swaps possible.

Portal was founded in 2019 and is based in the San Francisco Bay Area. Duggirala declined to comment on the company’s current workforce, but said the team has doubled in the past year and Portal continues to hire.

In the coming months, Portal also plans to launch an AI-powered investment application that will help users use the AI ​​technology to make “intelligent” investment decisions, Duggirala said.


Tags: BitcoinbasedDEXfundingmillionPortalRaisesseed

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