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21 September
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Portal, a self-hosted Layer 2 wallet and cross-chain DEX on Bitcoin that allows peer-to-peer atomic cross-chain transactions with the speed and security of centralized exchanges, has just announced it has completed an $8.5 million funding round to build a self-sovereign and uncensorable DeFi on Bitcoin, according to the press release shared with iHodl.

The company has received investments from a wide range of participants, including Coinbase Ventures, ArringtonXRP Capital, OKEx, Republic.co, Shima Ventures, LD Capital, Monday Capital, GenBlock, Taureon, Autonomy Capital, Krypital, B21 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, FIO, Portion and 4K.

The project's solution, which unlocks Bitcoin’s potential to actually decentralize finance, can be used in spot markets, options, p2p lending and borrowing.

Portal is powered by its Layer 2 and Layer 3 technology, called Fabric, which is an open-source toolbox for deploying censorship-resistant layers on top of the Bitcoin base layer.

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ArringtonXRP & TechCrunch founder Michael Arrington said:

"Decentralized cross-chain bridging is one of the hardest problems in crypto right now, especially as multiple blockchains gain real traction. We're excited to see Portal's Bitcoin-native approach to multi-chain transfers go live and provide an alternative bridging mechanism to the growing number of active on-chain users."

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