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

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

    Enhancing Security in Online Gambling with Blockchain Technology

    Enhancing Security in Online Gambling with Blockchain Technology

    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

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    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

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

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

  • Coin Marketcaps
  • Home
  • Crypto
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  • Web 3
    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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

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    Enhancing Security in Online Gambling with Blockchain Technology

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

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    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

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    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

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    Base claims top 3 spot in 30-day NFT volume: DappRadar

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    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

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    Blue chip NFTs sink double digits as ETH retreats from record highs

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    What’s Behind the Double-Digit Declines?

    Telegram NFT Gifts Hit $57M in Sales as Users Rush In

    Telegram NFT Gifts Hit $57M in Sales as Users Rush In

    NFT sales drop 25% to $134m, CryptoPunks plunge 59%

    NFT sales drop 25% to $134m, CryptoPunks plunge 59%

    Ethereum Rules With $56.57M Sales, Solana and Polygon Compete

    Ethereum Rules With $56.57M Sales, Solana and Polygon Compete

    Defunct NFT lender Parallel Finance charges users $500 to withdraw assets

    Defunct NFT lender Parallel Finance charges users $500 to withdraw assets

    $3.62B Already Sold in 2025

    $3.62B Already Sold in 2025

  • Gaming
    Climb the SCOR Invitational Leaderboard and Earn Bigger $SCOR Airdrops

    Climb the SCOR Invitational Leaderboard and Earn Bigger $SCOR Airdrops

    Pudgy Penguins Game ‘Pudgy Party’ Launches on iOS and Android

    Pudgy Penguins Game ‘Pudgy Party’ Launches on iOS and Android

    Pudgy Penguins and Mythical Games Launch Pudgy Party Game

    Pudgy Penguins and Mythical Games Launch Pudgy Party Game

    KuCoin Pay Joins Forces with 2Game Digital to Drive Web3 in Gaming

    KuCoin Pay Joins Forces with 2Game Digital to Drive Web3 in Gaming

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    GaFin Joins Cyber Crash to Advance Web3 Gaming

    Buzzy Ethereum Game Football.fun Has Soccer Fans Scoring Crypto Gains

    Buzzy Ethereum Game Football.fun Has Soccer Fans Scoring Crypto Gains

    Stability World AI Adds Games to Transform the Future of Web3 Gaming

    Stability World AI Adds Games to Transform the Future of Web3 Gaming

    Play Solana to ship handheld gaming device in October

    Play Solana to ship handheld gaming device in October

    The Rise of Indian Online Casinos: Affiliates, Crypto, and Seamless Gaming?

    The Rise of Indian Online Casinos: Affiliates, Crypto, and Seamless Gaming?

  • Blockchain
    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    LFG Boosts Token Launches with Community Power

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    Polyhedra Network launches Proof Cloud in open beta

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    It’s a Different Sort of Olympics as Cryptographers Face Off in Polyhedra’s ‘Proof Arena’

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    SoonVerse Partners with Arris to Enhance User Experience

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    6 Under-$1 Utility Tokens with Real-World Use to Watch in the 2025 Bull Run

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    What is Crypto FOMO? How to Avoid Emotional Investing Mistakes

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

    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
22
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  Bitfarms Stock Jumps After Bitcoin Miner Reveals $64 Million Share Buyback Plan

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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