Portal, which is based on the Fabric technology, promises to “deploy censorship-resistant layers on top of the Bitcoin foundation layer.”
Portal, a decentralized finance (DeFi) initiative aiming to develop a DeFi ecosystem on the Bitcoin blockchain, revealed today that it has raised $8.5 million. Coinbase Ventures took part in the investment.
“By bringing a fast, peer-to-peer, Layer 2 exchange—with the speed of centralized exchanges but with privacy—Portal is delivering on the promise of self-sovereignty for everyone,”Eric Martindale, CEO of Portal, made the following remark. “Fabric technology enables Layer 3 privacy on cross-chain transactions and eliminates the need for centralized custodians.”
Second (or third) layer solutions, as the name implies, enable developers to implement various protocols on top of blockchains to offload some of the calculations off the primary network. This could be advantageous in a variety of ways, including reduced network load and increased network customizability.
In other words, Portal’s developers are attempting to build a full-fledged DeFi ecosystem on the Bitcoin blockchain, rather than Ethereum, where most DeFi protocols are now hosted.
ArringtonXRP Capital, OKEx, Republic.co, Shima Ventures, LD Capital, Monday Capital, GenBlock, Taureon, Autonomy Capital, Krypital, and B21 Capital were among the Portal fundraising participants, in addition to Coinbase Ventures.
“Decentralized cross-chain bridging is one of the hardest problems in crypto right now, especially as multiple blockchains gain real traction,” Michael Arrington, the creator of ArringtonXRP and TechCrunch, stated
Hedera cofounder Kyle Armour, Tether cofounder Craic Sellars, CEO of Bitcoin.com Danish Chaudhry, and other well-known crypto project members have also invested in Portal.