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Portal partners with Polygon to advance DeFi on Bitcoin

November 17, 2021No Comments


The decentralized exchange, or DEX, and the self-custodial wallet platform Portal has announced a strategic partnership agreement with the layer two blockchain network Polygon to promote the functionality of Bitcoin in the decentralized finance or DeFi market.

Portal currently offers fully decentralized on-chain options and spot trading, as well as peer-to-peer lending and lending. This partnership is expected to expand these user capabilities through enabling zero-knowledge exchange functionalities for wBTC / BTC, as well as POS / WBTC to BTC, in addition to Polygon operating a liquidity support node on Portal DEX.

The main goal of Portal is to cultivate an autonomous, anonymous and uncensored ecosystem for Bitcoin on DeFi. The use of the Bitcoin hash time contracts platform gives users solid security in their transaction activities, while its layer three technology, Fabric, allows the deployment of typical smart contract functionalities such as betting and liquidity. .

The CEO of the Portal, Dr. Chandra Duggirala, commented on the potential for improved usability of Bitcoin in the DeFi space.

โ€œSince Portal is a DeFi layer on Bitcoin, we are excited to partner with Polygon to enable WBTC / BTC and POS-WBTC to BTC exchanges. We believe that having liquid markets and allowing price discovery will cause the price of Bitcoin to wrap appropriately based on risk and allow for greater usability for Bitcoin. "

Related: No more wrapped bitcoin? This DeFi platform brings native BTC loans to Ethereum

At the end of September, Portal benefited from a $ 8.5 million fundraising Featuring a panoply of institutional powerhouses, including but not limited to Coinbase Ventures, Arrington XRP Capital, OKEx, plus senior figures from Ethereum, Dfinity, and Galaxy Digital, among others.

Portal founder George Burke shared a humorous entry for the company's monthly Memeathon, a light-hearted competition that invites community members to participate in the much-loved social sport of "meme-making." The winner of the October contest can be viewed here.