bitcoin base Decentralized exchanges (DEXs) are here. Its designers want to save users from the messy and hackable world of bridges.
Portal is a San Francisco-based startup. raised Raised $34 million in seed funding round from Coinbase Ventures, OKX Ventures, Arrington Capital and others to support product development.
DEXs allow anyone to exchange Bitcoin (BTC) for other cryptocurrencies quickly, cheaply, and without intermediaries.
a dex, or a digital asset exchange, which allows users to trade tokens directly. Unlike major crypto exchanges like Binance, DEX platforms do not require traders to provide customer information such as name, address, or ID (information required by most know-your-customer (KYC) financial regulations), so anyone can You can execute trades on DEX.
The idea behind Portal, CEO Chandra Dugilala Decryptionis for a peer-to-peer (P2P) platform that allows users to quickly exchange BTC to other chains. lightning network—And there’s almost no risk.
Why is there so much risk today? Because the people inside… Decentralized finance (DeFi) Sphere typically exchanges cryptocurrencies via cross-chain bridges. Bridge protocols that allow users to transfer assets from one blockchain to another are susceptible to hacking. In fact, over the past 18 months, D’Aguilara said he has lost $2.8 billion in cross-chain storage solutions. Decrypt.
Portal says it solves this problem with “secure and transparent Layer 2 atomic swap technology.” atomic swap Refers to cross-chain swapping technology using cryptography. smart contract.
The portal also plans to use the funds to develop a non-custodial mobile wallet that will integrate with the main DEX and allow users to send, receive, and store assets across the blockchain via their smartphones.
Michael Arrington, founder and partner at Arrington Capital, said: “Portal is pioneering what DeFi in Bitcoin can look like, and we are excited to support this team as they continue to deliver. ” he said in a prepared statement.
Edited by Ryan Ozawa.