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Polygon’s scalability solution supports over 400 decentralised applications and 1.5 million users.
Portal, a decentralised exchange and self-custody wallet platform, has announced a strategic cooperation deal with Polygon, a layer-two blockchain network, to expand Bitcoin functionality in the DeFi market.
Portal currently offers fully decentralized on-chain spot and options trading, as well as peer-to-peer lending and borrowing. This partnership is expected to expand these user capabilities through the enablement of zero-knowledge swap functionalities for wBTC/BTC as well as POS/WBTC to BTC, in addition to Polygon operating a liquidity-supporting node on Portal DEX.
Portal’s primary objective is to cultivate a self-governing, anonymous and uncensored ecosystem for Bitcoin on DeFi. The platform’s utilization of Bitcoin’s hash time-locked contracts grants users robust security in their transaction activities, while its layer-three technology, Fabric, enables the deployment of typical smart contract functionalities such as staking and liquidity,
Executive chairman of Portal Dr. Chandra Duggirala commented on the potential for the enhanced usability of Bitcoin in the DeFi space.
“Given that Portal is a DeFi layer on Bitcoin, we are excited to partner with Polygon to enable WBTC/BTC and POS-WBTC to BTC swaps. We believe that having liquid markets and enabling price discovery will appropriately price wrapped Bitcoin based on risk and enables increased usability for Bitcoin.”
Portal received a $8.5 million fundraising round in late September, with participation from a slew of institutional heavyweights, including Coinbase Ventures, Arrington XRP Capital, OKEx, and senior officials from Ethereum, Dfinity, and Galaxy Digital, among others.
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.” The winner of the October competition can be seen here.
— George Burke (@geoburke) October 29, 2021