Portal, a company building DeFi on the Bitcoin network that is baked by Coinbase Ventures, has just announced it has joined forces with Polygon in order to boost the Bitcoin usability in the decentralized finance (DeFi) ecosystem.
According to the press release shared with iHodl, Portal will facilitate WBTC/BTC and POS-WBTC to BTC atomic swaps on its decentralized exchange (DEX). For its part, Polygon will run a facilitation node on Portal DEX to provide ongoing liquidity for atomic swaps between Bitcoin and POS-WBTC, WBTC as well as other assets.
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Thanks to this, the BTC usability will increase significantly due to the fact that it will be not longer necessary to wrap BTC to interact with DeFi.
Both Polygon and Portal will work together to offer users the possibility to move their digital assets across the DeFi ecosystem with low fees.
Portal executive chairman Dr. Chandra Duggirala commented on the association:
"Given that Portal is a DeFi layer on Bitcoin, we are excited to partner with Polygon to enable WBTC/BTC and POS-WBTC to BTC swaps. We believe that having liquid markets and enabling price discovery will appropriately price wrapped Bitcoin based on risk and enables increased usability for Bitcoin."