Portal, a decentralised exchange and self-custody wallet platform, has announced a strategic relationship with Polygon, a layer-two blockchain network, to expand Bitcoin functionality in the DeFi market.
Portal now enables completely decentralised on-chain spot and options trading, as well as peer-to-peer lending and borrowing. This partnership aims to expand user capabilities by allowing zero-knowledge swap activities for wBTC/BTC and POS/WBTC to BTC, in addition to Polygon maintaining a liquidity-supporting node on Portal DEX.
As a matter of fact, Portal’s main goal is to create a self-governing, anonymous, and censorship-free Bitcoin environment over DeFi. The platform’s usage of Bitcoin’s hash time-locked contracts ensures that users’ transactions are secure. While Fabric, the platform’s layer-three technology, allows for the adoption of common smart contract features like staking and liquidity.
Having liquid markets and allowing price discovery would allow Bitcoin fairly pricing
Dr Chandra Duggirala, the executive chairman of Portal, spoke on how Bitcoin’s usage in the DeFi area maybe improves.
“Given that Portal is a DeFi layer on top of Bitcoin, we’re excited to partner with Polygon to enable WBTC/BTC and POS-WBTC to BTC swaps.” We believe that by establishing liquid markets and enabling price discovery, Bitcoin can be priced appropriately based on risk, making it more useable.”
Portal received an $8.5 million fundraising round in late September. With Coinbase Ventures, Arrington XRP Capital, OKEx. As well as top executives from Ethereum, Dfinity, and Galaxy Digital, among others, participating.
On the other hand, George Burke, the firm’s founder, presented a funny submission from the firm’s monthly Memeathon. A lighthearted tournament that enables community members to participate in the popular social sport of “meme-ing”. Here is where you can find the winner of the October competition.