PORTAL Finance Successfully Raised $8.5 Million From Industry Heavyweights
We are delighted to announce Portal’s successful fundraise of $8.5 Million from some of the most prominent investors in the blockchain and DeFi space. Investment firms, influencers, exchanges participated in the fundraiser and Portal is oversubscribed by more than 47x.
Investors of the Portal project include Coinbase Ventures, ArringtonXRP Capital, OKEx Blockdream Ventures, Republic.co, Shima Ventures, LD Capital, Monday Capital, GenBlock Capital, Taureon, Autonomy Capital, Krypital Group, B21 Capital, Arkstream Capital as well as the senior executives and founders of Ethereum, DFINITY, MobileCoin, Tether (USDT), Galaxy Digital, Bitcoin.com, Republic, Centre.io, Polymath, Æternity, Hedera Hashgraph, Blockstream, Reef Finance, GlobeDX and FIO among many others. These are blockchain leaders and notable investors who are the driving force behind the advancement of DeFi and continued growth of numerous projects.
With this investment support, the Portal project can successfully develop and launch a unique, self-hosted layer 2 wallet and exchange, engineering to make atomic swaps between Bitcoin and other digital assets fast, secure and private.
Portal Solutions and Features
Portal unlocks Bitcoin’s potential to achieve complete decentralization. As a unique feature, Portal users can earn Bitcoin (or other cryptocurrencies) if they act as a “facilitator” for traders in the market using the “Portal Swap Protocol”. But what is it?
Portal Swap Protocol is a powerful new off-chain technology which helps keep trading data private. The protocol supervises the following properties:
1) Fairness (“Priced Optionality”): Traders pay a fair market price for the duration of the swap offer, ensuring no “free option” is given to the counterparty, a problem plaguing other atomic swap protocols. In Portal, everything is a market, including orderbook aggregation.
2) Facilitation: Network members are economically incentivized to assist peers in strengthening their connectivity to the network, ensuring low-cost, high efficiency of liquidity routing. By providing their resources (capital bonds, data storage, validation, and even general-purpose computation), network nodes earn a “round token”, redeemable for a portion of the network’s accumulated fees.
3) Trust-minimization: Contracts in Portal are self-sovereign; meaning you & only you have control over your assets. Using a feature of Bitcoin known as “point time-locked contracts” Portal ensures you retain control over the funds offered up in trade, preventing counterparty risk and loss of funds.
Portal CEO Eric Martindale said, “By bringing a fast, peer-to-peer, Layer 2 exchange – with the speed of centralized exchanges but with privacy – Portal is delivering on the promise of self-sovereignty for everyone. The current centralized exchanges, false “decentralized” DEXs, custodially wrapped tokens, and censorable ecosystems all threaten Bitcoin’s promise of self-sovereignty. Fabric technology enables Layer 3 privacy on cross-chain transactions and eliminates the need for centralized custodians.”
We want to thank the community, investors, partners, and Portal’s hardworking team for supporting and believing in Portal’s vision of “DeFi built on Bitcoin”. Your contribution has helped us take successful strides in Portal’s journey and will help launch the platform successfully to drive mass adoption of DeFi worldwide.
Stay tuned to catch all the updates regarding upcoming Public Sale on Republic.co
About Portal
The Portal Project is a layer 2 system purpose-built to facilitate cross-chain atomic transactions. It is user-friendly and offers numerous DeFi services built on Bitcoin. Users on Portal can experience the speed and liquidity of centralized alternatives with the trust minimization guarantees of Bitcoin.
The Portal Project is built on Fabric’s market for computations- a free market for De-Fi services. Fabric is a general-purpose “computation market”, in which users can deploy complex programs for blinded execution by a network of peers.
Portal – A Financial Internet Built on Bitcoin
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