Fintech Provider Portal Raises $34M for Bitcoin-Based DEX

Fintech company Portal, located in San Francisco, raised $34 million to fund the creation of its decentralized exchange (DEX), which runs on bitcoin and came out of stealth mode on Tuesday.

According to an announcement, Coinbase Ventures, Arrington Capital, OKX Ventures, and Gate.io were among the investors in the round. The money will also be used by Portal to progress the creation of a non-custodial wallet.

The goal of the portal is to provide a decentralized infrastructure that will enable peer-to-peer exchanges of bitcoin (BTC) across various blockchains without the use of centralized exchanges (CEX), wrappers, or bridges, all of which increase the vulnerability to hacking.

As a staking and swapping layer, interoperability layer and execution layer, Portal’s infrastructure will enable any user to swap bitcoin across a range of blockchains and back in seconds without giving up custody, privacy or security, Portal stated.