Portal Partners with Polygon to Advance DeFi on Bitcoin

Decentralized exchange (DEX) and self-custodial wallet platform Portal has announced a strategic partnership agreement with layer-two blockchain network Polygon to advance Bitcoin functionality in the decentralized finance (DeFi) market.

Portal currently provides fully decentralized on-chain spot and options trading, as well as peer-to-peer lending. In addition to Polygon operating a liquidity support node on Portal DEX, the collaboration is expected to expand these user capabilities by enabling wBTC/BTC and POS/wBTC-to-BTC zero-knowledge exchange functionality.

The main goal of Portal is to foster a self-governing, anonymous and censorship-resistant ecosystem for Bitcoin on DeFi. The platform leverages Bitcoin’s hashed time-locked contracts to provide strong security for users’ transaction activities, while its third-layer technology, Fabric, enables the deployment of typical smart contract functions such as staking and liquidity.

Portal Executive Chairman Chandra Duggirala commented on Bitcoin’s potential to enhance usability in the DeFi space.

“Given Portal is a DeFi layer on top of Bitcoin, we are excited to partner with Polygon to enable WBTC/BTC and POS-WBTC to BTC swaps. We believe that having a liquid market and enabling price discovery will make WBTC risk-based Price it appropriately and increase the usability of Bitcoin."

In late September, Portal completed an $8.5 million funding round with participation from institutions including Coinbase Ventures, Arrington XRP Capital, OKEx, and executives from Ethereum, Dfinity, and Galaxy Digital.

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Portal founder George Burke shared a humorous entry from the company's October Memeathon competition, a light-hearted competition that invites community members to participate in the much-loved "meme-ing" social movement.

Portal's Memeathon Contest Receives Fantastic Submissions

— George Burke (@geoburke) October 29, 2021

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