Portal, a San Francisco, CA-based company advancing financial self-sovereignty with technology for access to Bitcoin and diverse cryptocurrency markets, raised $34M in Seed funding.
The round saw participation from Coinbase Ventures, Arrington Capital, OKX Ventures and Gate.io, as well as other fintech and crypto investors.
The company intends to use the funds to develop its two flagship products: Portal DEX and Portal Wallet.
Led by CEO Chandra Duggirala, Portal is a fintech provider advancing financial self-sovereignty with technology for access to Bitcoin and diverse cryptocurrency markets. Portal’s decentralized bitcoin ecosystem will enable individual investors to exchange digital assets across blockchain networks with efficiency and, lower costs, increased transparency and enhanced security and privacy.
Portal DEX is a Bitcoin-based exchange that enables Layer 2 atomic swaps of cryptocurrencies across blockchains at speed, lower cost and with increased transparency, security and interoperability.
Portal Wallet is a fully non-custodial tool that integrates Portal DEX and allows users to receive, store and send cryptocurrencies across blockchains.
Commenting on the news, Chandra Duggirala said: From the very early days of Mt. Gox to FTX, centralized exchanges have been a persistent source of risk to user funds. Now, the risk remains, but it has taken a new form in bridges and other custodial cross-chain solutions. Portal intends to solve the problem of custodial risk once and for all using secure and transparent Layer 2 atomic swap technology. With the support of our investors, we look forward to introducing cross-chain infrastructure that finally enables users to execute trades quickly and safely.”
FinSMEs
30/01/2024