{"id":10261,"date":"2024-01-30T16:47:17","date_gmt":"2024-01-30T14:47:17","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-based-dex-portal-secures-34-million-with-coinbase-participation\/"},"modified":"2024-01-30T16:47:17","modified_gmt":"2024-01-30T14:47:17","slug":"bitcoin-based-dex-portal-secures-34-million-with-coinbase-participation","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-based-dex-portal-secures-34-million-with-coinbase-participation\/","title":{"rendered":"Bitcoin-Based DEX Portal Secures $34 Million with Coinbase Participation"},"content":{"rendered":"

The decentralized exchange Portal, built on the Bitcoin blockchain, has concluded a seed funding round, raising $34 million, according to The Block<\/a>.<\/p>\n

The startup received backing from Coinbase Ventures, Arrington Capital, OKX Ventures, and Gate.io. The funding was structured as a combination of a simple agreement for future equity and convertible bonds.<\/p>\n

Portal is a cross-chain protocol on the network of the first cryptocurrency, supporting atomic swaps. The project team is developing its own DEX and a “fully non-custodial” wallet.<\/p>\n

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“You can think of Portal as an inter-network Lightning Network solution. It’s fast, inexpensive, easy, and without the risk associated with custody,” said Chandra Duggirala, co-founder and CEO of the startup.<\/p>\n<\/blockquote>\n

Existing tools for cross-chain swaps, such as “wrapped” tokens and bridges, are unsafe as they are vulnerable to hacking and involve certain asset custody risks, he added.<\/p>\n

According to Duggirala, Portal “does not hold user funds at all, even through single or multi-signature.”<\/p>\n

Currently, the protocol’s development is in the testnet stage. The project leader emphasized that the mainnet launch could be possible by March 2024.<\/p>\n

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“We want to support and integrate as many wallets and single-chain decentralized exchanges using bridges as possible. Our goal is to completely eliminate custodial risk in this area,” noted Duggirala.<\/p>\n<\/blockquote>\n

When asked about the launch of a native token, the Portal co-founder replied that the decision would depend on the validators. Currently, the project operates on the “xport” token (working name) in ERC-20 format, which is used to secure the network and reward swap confirmations.<\/p>\n

Portal also plans to launch an AI-based investment application designed to help users make “sensible” investment decisions.<\/p>\n

Back in December 2023, the largest DEX, Uniswap, expanded operations into the Bitcoin ecosystem by integrating the Rootstock sidechain.<\/p>\n","protected":false},"excerpt":{"rendered":"

The decentralized exchange Portal, built on the Bitcoin blockchain, has concluded a seed funding round, raising $34 million, according to The Block. The startup received backing from Coinbase Ventures, Arrington Capital, OKX Ventures, and Gate.io. The funding was structured as a combination of a simple agreement for future equity and convertible bonds. Portal is a […]<\/p>\n","protected":false},"author":1,"featured_media":10260,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,787,1223,1133],"class_list":["post-10261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-dex","tag-startups","tag-venture-investments"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/10261","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=10261"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/10261\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/10260"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=10261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=10261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=10261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}