Investors in the round include Coinbase Ventures, Arrington Capital, OKX Ventures and Gate.io. The funds will be used in the development of Portal’s DEX and noncustodial wallet.
Financial technology firm Portal has secured $34 million in seed funding to offer atomic swaps technology for Bitcoin. Investors backing the initiative include Coinbase Ventures, Arrington Capital, OKX Ventures and Gate.io.
According to an announcement on Jan. 30, Portal is building a solution to allow peer-to-peer swaps of Bitcoin (BTC) across a range of blockchains, eliminating the need for bridges or wrappers by using its swapping layer.
Atomic swaps enable the exchange of one cryptocurrency for another without the need for a trusted third party, such as a centralized crypto exchange. It’s called “atomic” because it ensures that the trade is either completed fully, with both parties receiving the respective assets, or not executed at all.
